Good morning everyone,
Am I missing anything in my calculation of net Section 7 expenses, or have I included anything that is ineligible to be included? I live in Alberta.
Gross Child Care Costs
MINUS
- Child Tax Benefit
- GST Rebate
- Refund from claiming child care costs ($150 per every $1,000 claimed)
- Eligibility for child care subsidy
- Working Income Tax Benefit
= Net section 7 expenses
I did not include UCCB because it is included in line 117 of the tax return.
When including the refund that the primary parent received for claiming child care expenses, if the amount is not an equal thousand, do I pro-rate the additional $400, or is that amount rounded down to the nearest $1000?
Are the credit amounts claimed on line 305 (Amount for an eligible dependant) and line 367 (Amount for children born after 1995) included in any of the benefits above, or is a separate calculation necessary to determine the amount of tax credit that was received?
Also, am I correct in my understanding that the Alberta Family Employment Credit and the Working Income Tax Benefit are 2 separate benefits?
Thank you!
Am I missing anything in my calculation of net Section 7 expenses, or have I included anything that is ineligible to be included? I live in Alberta.
Gross Child Care Costs
MINUS
- Child Tax Benefit
- GST Rebate
- Refund from claiming child care costs ($150 per every $1,000 claimed)
- Eligibility for child care subsidy
- Working Income Tax Benefit
= Net section 7 expenses
I did not include UCCB because it is included in line 117 of the tax return.
When including the refund that the primary parent received for claiming child care expenses, if the amount is not an equal thousand, do I pro-rate the additional $400, or is that amount rounded down to the nearest $1000?
Are the credit amounts claimed on line 305 (Amount for an eligible dependant) and line 367 (Amount for children born after 1995) included in any of the benefits above, or is a separate calculation necessary to determine the amount of tax credit that was received?
Also, am I correct in my understanding that the Alberta Family Employment Credit and the Working Income Tax Benefit are 2 separate benefits?
Thank you!
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