parental leave tax credit

The parental leave tax credit is a benefit that reduces the amount of income tax you owe when you take parental leave. It recognizes the financial impact of temporarily stopping or reducing work to care for a new child. This credit helps ease the cost of unpaid leave by providing a tax reduction, making it more affordable for parents to take time off. Essentially, it lowers your tax bill to support families during this important time, allowing parents to focus more on caring for their children without as much financial worry.