Tax season can bring some respite to parents with credits, deductions
BNN Bloomberg
Raising a family can be costly. But tax season may offer relief to some parents, as credits and deductions can reduce their overall tax bill.
But tax season may offer relief to some parents, as credits and deductions can reduce their overall tax bill. The key is to file your taxes before the April 30 deadline, experts say, or risk missing out.
The tax-filing season for 2025 launched last week, and income tax returns help determine the benefits and tax breaks parents can get for their children.
One such tax break could come from claiming child care expenses.
“This benefit is very significant for them, if they’re trying to deal with the costs of daycare and camp and everything,” said Sean Grant-Young, national director of tax for Baker Tilly Canada.
The deduction allows parents to claim expenses on daycare, nannies, day camps and other child care services that are necessary for both spouses to work or run their business, he said. It can’t be claimed for specialized lessons, such as hockey camps.
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