As our lifestyles are getting busier, we work longer hours and are overloaded. When it comes to children, parents might feel overwhelmed with all the responsibilities falling on their shoulders. Some parents send their children to licensed day cares with extended hours which provide a more formal and structured educational system. However, the day care doesnt release you from rushing everyday to meet your busy schedule such as dropping off/picking up times, and it might not fit your budget. Therefore, many families have chosen to hire alive-in nanny or a caregiver for their children or an elder care provider.
A live-in caregiver or a nanny gives personalized and individual attention to your children while providing a safe and happy environment. In addition to personal care, many live-in caregivers or nannies also provide help with housekeeping duties such as cleaning and cooking. Although one might think that this frees up some time, having a live-in caregiver or a nanny also carries certain fiscal responsibilities and tax filing requirements.
If you are hiring a live-in nanny or caregiver, the CRA (Canada Revenue Agency) will consider you to be the employer and the nanny to be an employee. If you dont want to feel stressed about filling out the forms, you can always rely on Tax4Nanny. AtTax4Nanny our dedicated team of professionals will release you from the mind-boggling process of registering with the CRA as well as calculating and reportingnanny taxes. Tax4Nanny specializes in payroll tax solutions including personalizedtax deduction updates, proper deduction of income tax, employment insurance and other procedures such as the following: