The Canadian tax system understands the difficulties and challenges of all the expenses that come along with raising a child. That’s why they offer several tax credits and deductions tailored specifically for parents. By understanding and utilizing these provisions, parents can alleviate some of the financial strains associated with raising children.
By staying informed about the various credits and deductions available, parents can ensure they’re leveraging every financial advantage possible, helping to bring some relief to the costs associated with raising a family. Some of these tax breaks include:
Canada Child Benefits
Tax free payments based on your total family income from the previous year.
Adoption Expense Tax Credit
You can claim adoption expenses relating to children under the age of 18.
Deduction for Child Care Expenses
The Canadian government offers deductions for nursery, daycare centers, and educational institutions.
Let’s dive deeper into these tax breaks in the infographic below:
