Tax refund for child care payments

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Pooja
Member since: Feb 03

Posts: 90
Location: Vaughan
Post ID: #PID

Posted on: 29-01-09 17:20:44

thankyou again for your help

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Pooja

vikshr
Member since: Aug 07

Posts: 157
Location:
Post ID: #PID

Posted on: 29-01-09 17:25:58

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

Child care expenses you incurred during the year (subject to a max ) are allowed as deduction against your income.

How much you save on taxes, therefore depends on which tax bracket your income falls into.

Say your income is $50k. You fall into second bracket. Therefore you save 31.15% of child care expenses (22% federal +9.15% provincial)
Say your actual child care expenses were $7,000 you save $2,180.50 in taxes.

1st bracket saves you 21.05%
2nd bracket saves you 31.15%
3rd ---------------------37.16%
4th --------------------- 40.16%

hope this helps

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Vik

Pooja
Member since: Feb 03

Posts: 90
Location: Vaughan
Post ID: #PID

Posted on: 29-01-09 17:28:17

thanks vik....this is exactly what i was looking for.......do you know what's the figure for 3rd & 4th bracket

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Pooja

Pooja
Member since: Feb 03

Posts: 90
Location: Vaughan
Post ID: #PID

Posted on: 29-01-09 17:30:22

I mean if you can tell the where the bracket starts & ends....I know I have seen that some time back on revenue canada website...but if yoou know offhand...that will be gr8

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Pooja

vikshr
Member since: Aug 07

Posts: 157
Location:
Post ID: #PID

Posted on: 29-01-09 17:35:27

Quote:
Originally posted by Pooja

thanks vik....this is exactly what i was looking for.......do you know what's the figure for 3rd & 4th bracket

Federal
0-37,885 : 15%
37,885 - 75,769 : 22%
75,769 - 123,184: 26%
over 123,184 : 29%

Ontario
0-36,020 : 6.05%
36,020 - 72,041 : 9.15%
over 72,041 : 11.16%

i dont know which province you live in.

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Vik

Pooja
Member since: Feb 03

Posts: 90
Location: Vaughan
Post ID: #PID

Posted on: 29-01-09 17:37:01

I am in ontario...thanks vik

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Pooja

Pooja
Member since: Feb 03

Posts: 90
Location: Vaughan
Post ID: #PID

Posted on: 29-01-09 17:41:04

Also can you clarify...if I should add both my husbands & mine income to see the %age or just calculate accordiing to mine as my income is less than his....I believe parent with less income is supposed to get refund....correct?

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Pooja

Contributors: Pooja(8) vikshr(5) Pramod Chopra(3) dimple2001(2) m2611(1) tigercanada(1)

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