The fact is, having a kid doesn’t affect your taxes a ton, but there are some things to know.2. You may have heard of tax credits provided for putting kids in sports and arts classes. There used to be, until recently. Parents were able to claim $500 per child under the children’s fitness tax credit, and up to $250 for things like learning a second language or math tutoring under the children’s arts tax credit. Sadly, these programs were cancelled a few years ago.
3. If one spouse stays home to watch the kids and earns no money, then the other spouse can claim a dependent tax credit. 4. There’s a tax deduction for parents who pay for child care. Note that the parent with the lower net income must claim the child care expenses, except inAlso of note: Fees related to leisure or recreational activities, like tennis lessons our the annual registration for Scouts, doesn’t count as child care and can’t be claimed.
5. Parents can sign up for the Canada Child Benefit, a tax-free payment from the federal government. The amount you get is based on your family net income. You’ll receive your first payment within eight weeks of the government receiving your application online .
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.