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The T778 form is designed for people claiming a child care expense deduction. This reduces your income and saves you tax at your marginal tax rate. Child care expenses represent a deduction and not a tax credit.
Families can receive up to: $6,000 per child under the age of seven (plus a top\u2011up of up to $1,200 for 2021) $3,750 per child between the ages of seven and 16 (plus a top\u2011up of up to $750 for 2021)
Canadian taxpayers can claim up to $8,000 per child for children under the age of 7 years at the end of the year. $5,000 per child for children aged 7 to 16 years. For disabled, dependent children of any age who qualify for the disability tax credit, the amount to claim for that child is $11,000.
Families can receive up to: $6,000 per child under the age of seven (plus a top\u2011up of up to $1,200 for 2021) $3,750 per child between the ages of seven and 16 (plus a top\u2011up of up to $750 for 2021)
You can get up to $8,000 back in tax credit for child-care expenses. Here's what you need to know. For your 2021 tax return, the cap on expenses eligible for the child and dependent care tax credit is $8,000 for one child (up from $3,000) or $16,000 (up from $6,000) for two or more.
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The IRS goes about verifying a provider's income by evaluating contracts, sign-in sheets, child attendance records, bank deposit records and other income statements. Generally, the actual method the IRS uses to verify a child-care provider's income is determined on a case-by-case basis.
The CRA may choose to conduct an audit based on a number of factors, such as: the frequency or likelihood of errors in tax returns. indications of non-compliance with paying taxes owed. information not consistent with other similar files or other audits or investigations.
You need to be able to verify childcare expenses in case of an audit. If you don't have proof that you paid these expenses, you can't claim the credit. You don't have to bring the receipts to your tax pro or mail them with your return. Just keep them with your personal records for at least three years.
Top 4 Red Flags That Trigger an IRS Audit Not reporting all of your income. Breaking the rules on foreign accounts. Blurring the lines on business expenses. Earning more than $200,000.
Example: In 2021, your earned income for the year was $40,000. In order to work, you paid $ 20,000 in child care expenses for your three children ages 2, 9, and 11. The maximum you will be able to claim would be the lesser of: 2/3 of your earned income i.e. $40,000 X (2/3) = $24,000.

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