Q: Hi Tom! My parents are getting to the age where they are going to need more assistance from me. This is where I'll be taking care of them, emotionally, physically, and financially. In terms of taxation, would I claim them as dependents or is that only for children? With my parents having no income or way to support them, and their health starting to show challenges, they unfortunately have become more and more dependent on me. Thank you for your help with this topic Tom!

A: David: Yes, your parents can be claimed as your dependents so long as:
1: They do not received significant other income (check with your Tax Advisor on the specific amount they can receive) and
2: You provide more than ½ of their support during the year (including gifts from other family members).

Warmest regards,

Tom