Valuable tax preparation resources are available to communities across Ontario prepared by the Certified General Accountants of Ontario www.cga-ontario.org.
Here is a snapshot of tips pertaining to childcare savings:
• Payments made to a boarding school or camp, including a sports school that requires lodging, qualify up to a maximum of $175 per week per child under seven and a maximum of $100 per week for other eligible children between seven and 16, inclusive.
• The child-care portion of fees paid to a private school that provides both educational and child-care services (such as before or after-class supervision) might also be deductible as child-care expenses.
• For parents of children with a disability, there is no requirement that the parent claiming the child-care expenses for eligible services, such as baby-sitting, or those provided at a day nursery or day-care centre, among others, be the one who claims the disability tax credit (DTC) on behalf of an eligible child. In many cases it will be advantageous for the other parent to claim the DTC. In some cases the child, after having attained the age of majority, might be able to claim the DTC.
• A grandparent who supports a grandchild may be able to claim child-care expenses as the primary caregiver.
• Fees for your child's extracurricular classes may also be eligible for the tuition credit if your child is at least 16; the classes are taken through a certified educational institution in Canada; and the program provides occupational skills. Dance or skating lessons are examples of classes that might qualify.
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