Child Care Expense for Tax Purposes

Overview

This article provides a general overview of how various charges are categorized at InnovOak School, and how they may be used for tax filling purposes.

Important Notes

This article and any related documentation are provided for informational and record-keeping purposes only. InnovOak School does not provide tax advice. Families are encouraged to consult a qualified tax professional when preparing their tax filings.

Any classification of fees as child care expenses is based on the nature of services delivered and is not a guarantee of eligibility for tax purposes. Eligibility is determined by the Canada Revenue Agency and depends on each family’s individual circumstances.

Child Care Expense Classification Schedule

InnovOak School classifies certain portions of fees as child care expenses based on the nature of services delivered.

Applying the Classification

The Year End Statement reflects the total amount paid during the calendar year. It does not automatically calculate child care expenses.

To determine the applicable child care expense amount, families should:

1. Refer to the relevant line item(s) shown on the year-end statement

2. Apply the corresponding classification percentage from the schedule above

3. Multiply the amount paid by the applicable percentage to determine the eligible portion for each line item

4. Add up the eligible portion across all applicable line items to determine the total child care expense

Example

A family with a child in Kindergarten paid:

• Tuition: $13,000

• After School Care: $2,000

Calculation:

• Tuition: $13,000*25%=$3,250

• After School Care: $2,000*100%=$2,000

Total Child Care Expense: $5,250