Hello. I've been lurking here for a little while but this is my first post. My husband and I are in the process of separating and we have two small kids who are in full time daycare. We make approximately the same amount of money so we have agreed to split daycare costs down the middle.
He wants me to claim the child tax credits and offered to let me claim all the daycare costs as well. He was the one who left us and is feeling an extreme amount of guilt so he's pretty much leaving me with everything. I want to give him some of the tax break for daycare since I feel it is only fair.
I do my taxes in Quick Tax. My plan is to do them without putting in any daycare costs and and see how much I'd get back and then run them again with all the daycare costs and then split the difference with my ex. Is this feasible to do? And if so, are there any implications to me claiming all the daycare costs? I don't want Revenue Canada to come back on me and end up having to pay a huge amount of money back. I just thought this would be a quick and easy way to split the money.
The reason I'm asking this now is because I wanted to put it in our separation agreement but didn't know if it was a practical thing to do. Thanks.
He wants me to claim the child tax credits and offered to let me claim all the daycare costs as well. He was the one who left us and is feeling an extreme amount of guilt so he's pretty much leaving me with everything. I want to give him some of the tax break for daycare since I feel it is only fair.
I do my taxes in Quick Tax. My plan is to do them without putting in any daycare costs and and see how much I'd get back and then run them again with all the daycare costs and then split the difference with my ex. Is this feasible to do? And if so, are there any implications to me claiming all the daycare costs? I don't want Revenue Canada to come back on me and end up having to pay a huge amount of money back. I just thought this would be a quick and easy way to split the money.
The reason I'm asking this now is because I wanted to put it in our separation agreement but didn't know if it was a practical thing to do. Thanks.
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