Child Care Calculator

STEP 1: Enter your income
Annual gross income:
Province:
Marginal tax rate:
Net income:
STEP 2: Enter your childcare costs
Monthly childcare costs:
 
Childcare tax credit:
 
Total annual childcare costs:
 
STEP 3: Other costs
Monthly transportation costs:
Monthly meals outside the home costs:
Monthly clothing costs:
 
Net expenses:
Real annual childcare costs:
 
Job related expenses:
 
Real annual income:
 
 
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8 Comments

  1. William 08/13/2009 at 5:01 pm

    I need to know what monthly payments to budget for.

    Regards,
    William P.

  2. LSM Insurance 08/13/2009 at 9:28 pm

    Hi William, Feel free to contact us at 1.866.899.4849 and we are happy to help walk you through the calculator.

  3. Racheal 06/26/2013 at 2:17 am

    Hi There,

    On your childcare calculator I see it calculates the childcare tax credit and not the tax deduction. I’m trying to calculate how much I’d be saving in childcare fees monthly after the tax deduction is applied. If my monthly fees are $399, I live in Ontario and my marginal tax rate is 20.05%, how can I calculate how much I’m actually saving on the $399 after the childcare tax deduction?

    Thank you,

    Racheal

  4. Hi Racheal,

    The childcare tax credit is a non-fundable tax credit… for every $1 of credit you receive $0.17 off your tax payable.

    I hope this has answered your question.

    Regards,
    Storoszko & Associates
    Canadian & US Tax Specialists
    http://www.storoszko.net
    647 367 3477
    Twitter: @Storoszko_Assoc

  5. Pauline Brophy 12/17/2013 at 8:11 am

    If my daycare costs are 4213.59 for the year and income is 48200 in Ontario. How much can I expect back on my income tax.

  6. Hi Pauline,

    The amount of refund would depend on the amount withheld from your pay. If you declared the daycare costs on your TD1 to your employer, you would the correct amount withheld so you would not have a refund.

    If you did not declare the costs on your TD1, go to: link to lsminsurance.ca
    and enter your details there to calculate your tax liability, then subtract the amount of credit you calculated above using the Child Care Calculator and compare it to what you had actually withheld on your pay.

    I hope this has answered your question.

    Regards,
    Storoszko & Associates
    Canadian & US Tax Specialists
    http://www.storoszko.net
    647 367 3477
    Twitter: @Storoszko_Assoc

  7. Asif 02/01/2014 at 12:06 pm

    I am a New Immigrant in Canada and i moved in Canada in Feb 2013 and i never claimed any Child care benefits.
    I have One child which is above 7 years old
    Second Child is above 5 years old
    Third Child is above 3 years old and she is canadian born but live abroad till we moved in Canada in feb 2013.

    My Annual income was 18000
    Please let me know how much amount i can claim

  8. Hello Asif,

    You are entitled to Child Care Benefits when you incur child care expenses. If you have incurred care expenses, enter the information into the calculator above to determine your credit amount.

    I hope this has answered your question.

    Regards,
    Storoszko & Associates
    Canadian & US Tax Specialists
    http://www.storoszko.net
    647 367 3477
    Twitter: @Storoszko_Assoc

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