How Much Do You Get Back In Taxes For Daycare Canada Reddit Yes you get a child credit for every dependent you claim You get tax deductions on any child care and some school expenses as well if not regardless of income definitely
If you make more then 150k as a household you get nothing You will receive 2 of your childcare expenses max 8k per 3600 you are under 150k gross income 7 yr ago As a fairly normal dude without kids and before entering any specific deductions my withholding had my refund at about 2 50 But since many people have children or tuiton
How Much Do You Get Back In Taxes For Daycare Canada Reddit
How Much Do You Get Back In Taxes For Daycare Canada Reddit
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So if you had 25k of daycare costs used 5k of a dependent care FSA and have two kids the eligible expenses that are used for the credit starts at 25k what you paid then capped So 5000 tuition will result in a tax reduction of 750 for federal income tax The amount it is worth for provincial tax depends on the provincial tax rate and whether the province still has a
Trying to add my 2018 RRSP to my taxes to lower it a bit more I ll figure out how to increase what my RH takes on my pay so that I get money back next year Finding a 500 laying Income Tax Package Form T778 Child Care Expenses Deduction for 2023 Income Tax Folio S1 F3 C1 Child Care Expense Deduction Date modified 2024 01 23 Information to help
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Child care expenses 101 Daycare summer camp nurseries and nanny services are all deductible expenses for parents but the tax deduction must be claimed by the parent in Find a list of all deductions credits and expenses you may be able to claim on your income tax and benefit return Date modified 2024 01 23 Find some of the deductions and credits you
3 750 per child between the ages of seven and 16 plus a top up of up to 750 for 2021 8 250 per child with a severe disability plus a top up of up to 1 650 for 2021 The Ontario Child Canadian taxpayers can claim up to 8 000 per child for children under the age of 7 years at the end of the year 5 000 per child for children aged 7 to 16 years For
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Yes you get a child credit for every dependent you claim You get tax deductions on any child care and some school expenses as well if not regardless of income definitely
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If you make more then 150k as a household you get nothing You will receive 2 of your childcare expenses max 8k per 3600 you are under 150k gross income
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How Much Do You Get Back In Taxes For Daycare Canada Reddit - So if you had 25k of daycare costs used 5k of a dependent care FSA and have two kids the eligible expenses that are used for the credit starts at 25k what you paid then capped
