#8) (5 Marks) You and your spouse have 1 child (Timmy). Timmy is 4 years old and is enrolled in Prairie Daycare throughout the year. The total cost from Prairie Daycare was $6,000 for the year. In addition, your parents agreed to look after Timmy for a couple of nights. The fair market value of this service was $100, but since they wanted to spend some time with their grandson, they never charged you a penny. Your spouse ran into trouble with the law for stealing money from a not-for-profit. She was sentenced to prison for 5 weeks during 2017. Details of Income during the 2017 Year: Gross Employment *Taxable Employment Benefits - Employment Expenses Net Employment Income You $55,000 $2,000 -$1,000 Your Spouse $32,000 $1,000 -$500 $32,500 $56,000 Gross Business Income - Business Expenses Net Business Income $12,000 $15,000 $20,000 -$18,000 -$3,000 $2,000 Taxable Capital Gain $1,000 $1,000 Net Income $54,000 $35,500 REQUIRED: Determine the maximum childcare expenses allowed for yourself and your spouse. Show all supporting work. Use the appropriate Childcare Expense Tax Forms. #8) (5 Marks) You and your spouse have 1 child (Timmy). Timmy is 4 years old and is enrolled in Prairie Daycare throughout the year. The total cost from Prairie Daycare was $6,000 for the year. In addition, your parents agreed to look after Timmy for a couple of nights. The fair market value of this service was $100, but since they wanted to spend some time with their grandson, they never charged you a penny. Your spouse ran into trouble with the law for stealing money from a not-for-profit. She was sentenced to prison for 5 weeks during 2017. Details of Income during the 2017 Year: Gross Employment *Taxable Employment Benefits - Employment Expenses Net Employment Income You $55,000 $2,000 -$1,000 Your Spouse $32,000 $1,000 -$500 $32,500 $56,000 Gross Business Income - Business Expenses Net Business Income $12,000 $15,000 $20,000 -$18,000 -$3,000 $2,000 Taxable Capital Gain $1,000 $1,000 Net Income $54,000 $35,500 REQUIRED: Determine the maximum childcare expenses allowed for yourself and your spouse. Show all supporting work. Use the appropriate Childcare Expense Tax Forms