Dependent

What is a dependent?

Dependent Definition: A dependent is a person who relies on another individual or party for support, usually in the form of financial assistance. The term dependent is commonly used for tax purposes, such as the IRS (Internal Revenue Services) in the U.S. or CRA (Canada Revenue Agency) in Canada.

Dependents are generally defined in the same manner for financial and tax reasons, as someone who lives with or depends on a person for physical and financial support. Children typically qualify as the most common type of dependent, until they become a legal adult.

Parents, spouses, grandparents, and other children relatives may qualify as a dependent for caregivers due to health or medical reasons. In some cases, dependents of individuals or families may be eligible for specific tax benefits, based on their income and assets.

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