Hi all
I tried to search info about tax refund on child care but seems no discussion before.
I am trying to weigh out different options for child care & also based on all that decide if it will be worth for me to go back to work. B U T that's is not what I need advice for...
I want to understand that at the end of the year while doing your taxes how much/what percentage of the money you spent on child care comes back to you.
Ok to be more specific....I can pay less money to a desi lady but get no reciept...on the other side I can pay about $10/day more to licenced lady & get a reciept.....so I want to figure out how much tax return I would get, because if tax return is more than the addition of $10/day, just makes more sense to go that route.
please anyone who has knowledge about this...shed some light
thanks
-----------------------------------------------------------------
Pooja
Quote:
Originally posted by Pooja
Hi all
I tried to search info about tax refund on child care but seems no discussion before.
I am trying to weigh out different options for child care & also based on all that decide if it will be worth for me to go back to work. B U T that's is not what I need advice for...
I want to understand that at the end of the year while doing your taxes how much/what percentage of the money you spent on child care comes back to you.
Ok to be more specific....I can pay less money to a desi lady but get no reciept...on the other side I can pay about $10/day more to licenced lady & get a reciept.....so I want to figure out how much tax return I would get, because if tax return is more than the addition of $10/day, just makes more sense to go that route.
please anyone who has knowledge about this...shed some light
thanks
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Can someone clarify the following for me?
For 2008, we are able to claim child care expenses and the child amount of $2083 or so. The instructions state that the child care expenses are to be taken by the lower income person. In our case, it makes sense (to gain max tax advantage) for the higher income spouse to take the child amount of $2083 while the child care expense is taken by the lower income spouse.
Are there any rules that state both the child amount and child care expense have to be taken by the same spouse (lower income spouse)? I have not seen any such requirement. Please provide your feedback. Thanks.
-----------------------------------------------------------------
Dimple2001
Quote:
Originally posted by dimple2001
Can someone clarify the following for me?
For 2008, we are able to claim child care expenses and the child amount of $2083 or so. The instructions state that the child care expenses are to be taken by the lower income person. In our case, it makes sense (to gain max tax advantage) for the higher income spouse to take the child amount of $2083 while the child care expense is taken by the lower income spouse.
Are there any rules that state both the child amount and child care expense have to be taken by the same spouse (lower income spouse)? I have not seen any such requirement. Please provide your feedback. Thanks.
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
thanks pramod
but I am trying to find out a calculator or look for help in calculating the estimate return amount.....do you know any calculator online that I can use
-----------------------------------------------------------------
Pooja
Quote:
Originally posted by Pooja
thanks pramod
but I am trying to find out a calculator or look for help in calculating the estimate return amount.....do you know any calculator online that I can use
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Originally posted by Pramod Chopra
Child care expenses have to be claimed (barring certain exceptions) by lower income spouse while the child amount of $2038 (line 367)should be claimed by the higher income spouse only to get the maximum benefit. If you use a software it would take care of both the claims automatically.
Cheers.
-----------------------------------------------------------------
Dimple2001
Advertise Contact Us Privacy Policy and Terms of Usage FAQ Canadian Desi © 2001 Marg eSolutions Site designed, developed and maintained by Marg eSolutions Inc. |