Reference no: EM132853833
Class Homework Case
Paul and Margaret Jones have been married 17 years. Unfortunately, during the first five month of 2020, Paul was unemployed. He found employment as of June 1, 2020. His gross employment income for the remaining seven months of 2020 was $42,000. In addition, for the 2020 taxation year, he had interest income of $4,000 and received eligible dividends from public companies of $56,000.
Margaret was employed through 2020, earning gross employment income of $81,000. RPP contributions of $3,800 were withheld by her employer. She had no other source of income during 2020.
Margaret attended a taxation course at a local university. The course lasted 14 weeks.
Paul and Margaret incurred well documented child care costs of $17,000 (50 weeks at $350 per week).
Required: Determine the maximum amount that can be deducted by Mr. and Mrs. Jones for the year ending December 31, 2020 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. Theirages are 3, 5, 9 and 12 years old.
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