Did you know you can use childcare expenses to lower your taxable income? Examples of childcare expenses include daycares, summer camps, overnight boarding schools and in-home providers like nannies. The government allows you to claim up to $8,000 for kids under age 7 and up to $5,000 for children aged 7 to 16.
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Tax tip found at canadadrives.ca/blog/save-money/7-ways-to-get-a-bigger-tax-return
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When claiming your meals and entertainment expenses, you should also always include both receipts to include any tip paid to your server.
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It isn’t always a taxable benefit. Non-cash gifts for a special occasion have an upper limit of $500, and non-cash gifts for a work anniversary have an upper limit of $500 every five years. Anything in excess, however, is a taxable benefit.
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Give us a call at 905-571-2665 (BOOK)!
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