Tax refund for child care payments

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vikshr
Member since: Aug 07

Posts: 157
Location:
Post ID: #PID

Posted on: 29-01-09 17:50:04

Quote:
Originally posted by Pooja

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?

You are right.. parent with lower income only (some exceptions) can claim this deduction.. So just consider your income ..

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Vik

Pooja
Member since: Feb 03

Posts: 90
Location: Vaughan
Post ID: #PID

Posted on: 29-01-09 18:01:50

Thanks a lot Guys...you were all very helpful.

Just somethig that might help someone in future......for a difference of $10/day...a day care charging more & giving reciepts is better than one not giving reciept

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Pooja

m2611
Member since: May 04

Posts: 314
Location:
Post ID: #PID

Posted on: 29-01-09 18:29:19

Just to make more clear what vikshr

If some one is in Ontario & in bracket
1st - paying 15% + 6.05% Total Tax
2nd - 22% + 9.15% Total tax

etc..

Of course it will change as per province

Can you confirm ?

tigercanada
Member since: May 07

Posts: 122
Location:
Post ID: #PID

Posted on: 30-01-09 09:40:10

Hi,

Please suggest .

I know that child care expenses has to be claimed by lower earner. But what if its not helping them to reduce tax. I also know that you have to satify few exceptions in order to claim the expenses by Higher earner. those conditions doesnt apply,

Are there any other ways that higher earner can calim to reduce his taxes as lower earner is not getting any benefit out of it.

vikshr
Member since: Aug 07

Posts: 157
Location:
Post ID: #PID

Posted on: 30-01-09 10:23:48

Quote:
Originally posted by tigercanada

Hi,

Please suggest .

I know that child care expenses has to be claimed by lower earner. But what if its not helping them to reduce tax. I also know that you have to satify few exceptions in order to claim the expenses by Higher earner. those conditions doesnt apply,

Are there any other ways that higher earner can calim to reduce his taxes as lower earner is not getting any benefit out of it.

No.... unfortunately, if you don't fall in those exceptions, higher earner can not claim this deduction...

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Vik

vikshr
Member since: Aug 07

Posts: 157
Location:
Post ID: #PID

Posted on: 30-01-09 10:29:30

Quote:
Originally posted by m2611

Just to make more clear what vikshr

If some one is in Ontario & in bracket
1st - paying 15% + 6.05% Total Tax
2nd - 22% + 9.15% Total tax

etc..

Of course it will change as per province

Can you confirm ?

Not sure if you are asking in the context of child care exp deduction, or overall tax liability....

In the context of child care deduction.... yes this is what you save in 1st and 2nd bracket ...

But if you want to know your total tax liability, calculation has to be extended a bit ... you have to consider personal tax credits and other deductions also (eg. non-refundable tax credits, RRSP, investment expenses, employment exp etc ...)

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Vik

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

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