Reference no: EM132689010
Marco and Valentina Parker have been married 17 years. Unfortunately, during the first five months of 2019, Marco was unemployed. After much searching, he found employment as of June 1, 2019. His gross employment income for the remaining seven months of 2019 was $42,000. In addition, for the 2019 taxation year, he had interest income of $4,000 and received eligible dividends from public companies of $56,000.
- Valentina was employed throughout 2019, earning gross employment income of $81,000. RPP contributions of $3,800 were withheld by her employer. She had no other source of income and during 2019.
- In an effort to improve her management skills, Valentina attended a human resources course at a local university. The course lasted 14 weeks and required her to spend about 22 hours per week in classes and pairing assignments
- As both Marco and Valentina had busy schedules, the couple incurred well documented child care costs of $17,500 (50 weeks at $350 per week).
Required:
Problem 1: Determine the maximum amount that can be deducted by Mr. and Mrs. Parker for the year ending December 31, 2019 for child care expenses under the following assumptions:
A. They have three children, none of whom qualify for the ITA 118.3 disability tax credit. Their ages are 1, 3, and 4 years old.
B. They have four children, none of whom qualify for the ITA 118.3 disability tax credit. Their ages are 3, 5, 9, and 12 years old.
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