Tax credits benefit everyone
Expenses that are eligible for the child care expense tax credit include fees for school residences. The refundable tax credit is a huge advantage—it makes school residences more accessible and affordable for everyone. The credit is based on family income and can be paid in advance, under certain conditions. Depending on your family income, the applicable credit rate varies between 26% and 75% of the eligible child care expenses you paid.
It pays to be informed!
If you think you won’t be able to afford school residence even with the tax credit, ask around before giving up on this fantastic opportunity. You might be pleasantly surprised and it doesn’t cost anything to get accurate information before you make a decision. That way you can make an informed decision about what’s right for you and your child.
The numbers are always a bit hard to grasp until you see a concrete example. We’ve done the math for you so you can see that it’s the right decision!
For more information on the child care expense tax credit, visit the Revenu Québec website or contact us.