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Tax Tip 27 of 32, Entitled to some welcome tax relief

Childcare costs can be deducted

By Inst. of Chartered Accountants ——--February 27, 2009

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“If you pay childcare expenses, you may be entitled to some welcome tax relief,” explains Chartered Accountant Sam Zuk, Partner, Soberman LLP in Toronto.
The maximum amounts deductible for childcare expenses are $10,000 for a disabled child; $7,000 for children under age seven, and up to $4,000 for other eligible children (generally age 16 and under). In most cases, the spouse with the lower net income (and earned income) must claim the childcare expenses. “To claim these expenses, it’s important to pay for them by the end of the year. Remember to obtain a receipt in the event that the Canada Revenue Agency (CRA) asks for evidence of payment in the future,” advises Zuk. Brought to you by the Institute of Chartered Accountants of Ontario.
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Inst. of Chartered Accountants——

The Institute of Chartered Accountants of Ontario is the qualifying and regulatory body of Ontario’s 33,000 Chartered Accountants and 5,000 CA students. Since 1879, the Institute has protected the public interest through the CA profession’s high standards of qualification and the enforcement of its rules of professional conduct. The Institute works in partnership with the other provincial Institutes of Chartered Accountants and the Canadian Institute of Chartered Accountants to provide national standards and programs that are used as examples around the world. </em>

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