Tax Rules for Child Care Expenses (ITA 63)
Автор: Sameer Alrishani
Загружено: 2026-01-25
Просмотров: 0
Описание: This video outlines the regulations for deducting child care expenses under Canadian tax law, specifically targeting parents who pay for services to facilitate employment, business, or education. Eligible costs include daycare, babysitting, and boarding schools for children generally under 16, provided the caregiver is not a close relative or minor. The deduction is primarily reserved for the lower-income spouse, though the higher earner may claim it under specific circumstances like medical infirmity or schooling. Total claims are restricted to the least of three values: the actual amount paid, two-thirds of earned income, or specific annual dollar limits based on the child's age and health. Taxpayers must provide valid receipts and adhere to strict definitions of "earned income" to qualify for these financial reliefs.
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