Question
Chris and Belinda each have income of over $200,000. During the year, they paid a nanny $20,000 to care for their three children. Danny, age
Chris and Belinda each have income of over $200,000. During the year, they paid a nanny $20,000 to care for their three children. Danny, age 5, has no income. Elizabeth, age 10 is disabled and eligible for the disability tax credit. Horace is 17 and has income of $5,000 from his paper-route. What is the maximum deduction for child care costs for this family?
(Annual limits for disabled child/child age less than 7 yrs/child age between 7-16 years: $11,000/$8,000/$5,000 respectively and weekly limits $275/$200/$175 respectively)
$18,000 | ||
$19,000 | ||
$24,000 | ||
$22,000 |
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