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Nanny Tax Deductions

It is important to deduct nanny taxes in Canada. If you employ a nanny, then you must have a payroll deductions account with the Canada Revenue Agency (CRA). How to Deduct Nanny Tax in Canada How ...

It is important to deduct nanny taxes in Canada. If you employ a nanny, then you must have a payroll deductions account with the Canada Revenue Agency (CRA).

How to Deduct Nanny Tax in Canada

How does one deduct nanny taxes in Canada?

  • Get your employer identification numbers
  • Verify eligibility to work in Canada
  • Report new hires or rehires
  • Set up a payroll system and pay taxes
  • This includes Income taxes, Social Insurance, and other fees
Some Factors in Nanny Tax Deductions that People Tend to Overlook

Many times we are told by clients that they find their nanny's pay confusing. Why? Caregiver wages tend to be discussed in terms of their pay cheque amount rather than gross salary. This makes calculating payroll tax deductions more complicated than normal. It also makes budgeting for monthly childcare more challenging. When you add the taxable benefit of room and board if your nanny is live-in it can confuse matters. Some people mistakenly think that they don't need to include this as part of their nanny's payroll tax deduction. But the CRA states that if an employee is given free room and board, then the employee is getting a taxable benefit. Further, the fair market value of the meals and accommodation must be added to their pay! It is important to also calculate how much you pay the nanny per month? Did you find your bills (i.e. food, electricity etc...) increase significantly with her living in? How did you find her? Did you pay for a service? These are just a few items. There is plenty to take into consideration when calculating the Nanny tax deduction(s). What Tax4Nanny Does to Calculate Nanny Tax Deductions in Canada

Tax4Nanny goes through the lengthy process in calculating nanny tax deductions, and covers all basesPsychology Articles, so you can be assured that your nanny tax deductions are properly filed.

Article Tags: Deduct Nanny

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ABOUT THE AUTHOR


Tax4Nanny provides its clients with comprehensive tax calculations and reporting, as well as assurance that all registration requirements are fulfilled. A choice of a one step solution for all your tax needs or individual services are available.




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