I live in Ontario. I made 33,000. For 2012 and am a single mother who paid out $6,540. In child care. How much of the child care expence can I expect to get back???
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The specific information you are looking for is given at http://www.cra-arc.gc.ca/E/pbg/tf/t778/t778-11e.pdf For 2011, the maximum is $7000 for a child born in 2005 or later, with no disability, or $4000 for a child born in 1995 to 2004 with no impairment. Assuming your child was born in 2005 or later, you should be able to claim all $6,540. I believe this should reduce your taxable income by $6,540. How much you actually get back will depend on your tax bracket. According to http://turbotax.intuit.ca/tax-resources/canada-income-tax-calculator.jsp, most likely will result in you paying $1,311.27 less in taxes (that is, your total tax owing will go from $4749.93 to $3438.66). That's an estimate and may very well change based on other factors. My math may be wrong, I'm not an accountant, etc. etc. |
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