Most people would say that raising kids can be costly, but when you have the childcare receipt template, it may help you save more than you know. Not many people realize that they can claim the tax return from their childcare expenses. Of course, different countries will have their own different terms and regulations, but in most cases, childcare cost can be minimized if you have the right documentation.
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The Function of the Template
The childcare receipt template will help you with the guidance of how to compose a legal and professional written report on the kids’ expenses. The childcare providers usually provide the receipt for parents as the written proof of how much money the parents have spent for the kids. This information can be used by parents to claim for tax return or for childcare tax credit. Naturally, giving receipts to parents for every payment they have done (whether it is monthly or weekly, etc) can be beneficial because it can create a paper trail.
The receipt should include these important elements:
- The purpose of the payment (and the description), such as ‘late fee’ or ‘child care service’
- The payment’s covered period, such as October the 1st to November the 1st.
- The number of money received by the provider. Write it in the numeric form, such as $200 or $75
- The date when the payment is done
- Who paid the service
- Signature of both providers and parent (who make the payment).
Handy Tips to Help with the Claim
Naturally, having the childcare receipt template can help with the management. You don’t have to compose the record from a scratch. There are also other handy tips to know about managing your kids’ expenses.
- Make sure to collect all receipts. Most childcare providers will provide the receipt so it is crucial to collect them all together. If it is possible, keep them in one folder or place for easier find and management. Keep in mind that your childcare provider should have the SIN (Social Insurance Number) written on the receipt. You can’t make any claim if such a number isn’t included in the receipt.
- Know who can make the claim. In general, it is the parent with less earning or income who can make the claim. In the event the higher earner wants to claim for the tax return, the other parent (who earns less) should be in a certain condition, such as hospitalize, in jail, or go back to school.
- Consider family inclusion. Let’s say that your mother in law or your father is caring for the kids. You can claim the money, but they need to provide a legal receipt with the SIN on it. And they should also report the money from you as their return income.
- When summer camps are involved. If your kids are taking part in the summer camps, you can claim their portion. Again, you need to have a detailed receipt with detailed information.
Since this kind of template is dealing with payment and money, tread this matter carefully. Make sure that both parties understand their obligations when interacting through the childcare receipt template.