Hello all,
I would like to verify the following impression:
In Canadian taxation system, number of children has no impact on taxes (except through disability, 7K max. childcare deduction, $100/mth/child fund that will be added to lowest income tax payer income).
The reason I ask is, US tax system allows for dependent tax credits for each child, also child-credit, and earned income credit for children where applicable.
It seems that in comparison, in Canada you can have 1 kid or 5 kids, but that would have no impact on the tax per se, especially if you are in the higher income categories. (except for the $100/mth/child monies from Govt.)
But I could be easily missing out on something and the above could be wrong. Would appreciate other CDs opinion on the above.
To me eventhough there is no direct impact of no. of child but indirect impact is even greater, you cannot get seperate credit for deduction for each child but you can get more in terms of CCTB and even you can enjoy more credit in terms of babycare and other expenses for child under canadian tax system.
Hi,
This raises an intereting question. What kind of child caring exps are allowed as deductions.
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