Daycare Deduction 2024. If you paid someone to care for your child or other qualifying person so you (and your spouse if filing jointly) could work or look for. It equals 25% of the qualified childcare facility expenditures plus 10% of the qualified.
It equals 25% of the qualified childcare facility expenditures plus 10% of the qualified. The maximum benefit for children under six is $7,437 annually ($619.75 per month), and $6,275 annually ($522.91 per month) for each child between the ages of six and 17.
Only A Portion Is Refundable This Year, Up To $1,600 Per Child.
If you paid a daycare center, babysitter, summer camp, or other care provider to care for a qualifying child under age 13 or a disabled dependent of any age, you may qualify.
Your New Spouse's Earned Income For The Year Was $2,000.
Form t778, child care expenses deduction for 2023.
Keep All Your Documents In Case The Cra Asks To See Them Later.
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This Is The Most Important Calculation For Home.
For the 2024 tax year (tax returns filed in 2025), the child tax credit will be worth $2,000 per qualifying child, with $1,700 being potentially refundable through the additional child tax credit.
In A Significant Development For Families, The Tax Landscape For 2023 And 2024 Includes A Provision That Allows For Tax Deductions On Childcare And Daycare Expenses.
You may want to file anyway so you can get any federal income tax your employer withheld back as a refund or claim certain refundable tax credits.
The Launch Of A New National Daycare Program Fuelled High Hopes Among Canadian Families Three Years Ago, But New Figures Show Ottawa Is Still A Long Way From.