childcare
My wife and I are working full time and are making about 5000 a month. In order for us both to work we must pay for childcare for our two children. This costs us 42 dollars/day for the youngest and 35/day for the other totalling about 1714 per month. How much of that is exempt from surplus income?
Posted from: Ontario
There are no limits on ChildCare set out in the Act – as long as you can prove the payments are to a bona fide care provider that is in no way related to you, they should be fully deductible. I should warn you that $1714 a month seems high – you may be asked to look at alternatives depending on your household budget.