Photo: iStock
Child Care Expense Deduction

Parents claiming childcare expenses can reduce their taxable income by a little more this year, as the maximum limit per child has gone up to $8,000 (from the previous limit of $7,000) for each child under seven, and $5,000 (up from $4,000) for children aged seven to 16. If your child has a physical or mental disability, you can claim up to $11,000.
To qualify for this credit, you must have paid another person to care for your child so you could do one of the following: earn income from employment, conduct your own business, attend school or perform research under a grant.
Aside from daycare and nursery school payments, the deduction also considers payments for boarding schools, day camps, overnight camps, nanny services and more. Visit the CRA?s website for a complete list of eligible claims. If you have a partner or spouse, the person with the lower net income (including zero) must file the claim. The amount claimed cannot be greater than two-thirds of that partner?s earnings.
Learn more about the Child Care Expense Deduction>
Canada Child Benefit

The tax-free Canada Child Benefit (CCB) will replace the current Canada Child Tax Benefit (CCTB) and Universal Child Care Benefit (UCCB) as of July 2016. Paid monthly, the CCB will provide a maximum annual benefit of $6,400 per child under the age of six and $5,400 per child aged six through 17. Benefits up to $2,730 per child will be added for children eligible for the disabi...