Hi All,
I'm hoping someone can provide guidance or point me to resources to help me figure out how to calculate section 7 expenses.
Here are the facts:
1) My ex and I recently separated in early March 2010.
2) We have agreed to joint custody of our two children, ages 2 and 7; primary residency will be with their mother.
3) Our gross incomes are 104K and 56K respectively. (I am the higher income earner.)
We are unclear on how to calculate the amount of tax relief that should be taken into account when calculating section 7 expenses.
Using the CRA's CCTB calculator, I estimated that my ex will likely be eligible for the CCTB of $217 per month starting next July. For the CCTB calculator, I calculated that she would have 9,000 of income deductions (RRSP/Government Pension Plan/Union Dues/35% of child care expenses).
Do I also need to calculate the amount of tax relief that I will be receiving for the section 7 expenses, i.e. 65% of child care expenses.
Is my ex entitled to tax relief with both lines 305 and 367? If so, does the CCTB calculator factor this into its calculations?
Grateful in advance for your help!
I'm hoping someone can provide guidance or point me to resources to help me figure out how to calculate section 7 expenses.
Here are the facts:
1) My ex and I recently separated in early March 2010.
2) We have agreed to joint custody of our two children, ages 2 and 7; primary residency will be with their mother.
3) Our gross incomes are 104K and 56K respectively. (I am the higher income earner.)
We are unclear on how to calculate the amount of tax relief that should be taken into account when calculating section 7 expenses.
Using the CRA's CCTB calculator, I estimated that my ex will likely be eligible for the CCTB of $217 per month starting next July. For the CCTB calculator, I calculated that she would have 9,000 of income deductions (RRSP/Government Pension Plan/Union Dues/35% of child care expenses).
Do I also need to calculate the amount of tax relief that I will be receiving for the section 7 expenses, i.e. 65% of child care expenses.
Is my ex entitled to tax relief with both lines 305 and 367? If so, does the CCTB calculator factor this into its calculations?
Grateful in advance for your help!
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