NEW CHILDCARE REFUNDABLE TAX CREDIT in ON. This one is on top of the childcare deduction that was available in previous years. If family income is under $150K, families can claim a % of their eligible childcare expenses as tax credit.
Eligible childcare expenses are nannies, daycares, camps etc. Eligible childcare expense has a maximum per child and is dependent on child's age. It is important to note that, if one spouse has no income, the tax credit will be zero as eligible childcare expense formula has 3 components: actual expense, maximum amount per child per age, 2/3 of earned income of lower income spouse. If you meet the requirments, don't miss out this tax season!
Eligible expenses include:
Ineligible expenses include:
More info here: https://www.ontario.ca/page/ontario-child-care-tax-credit#section-3