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Here’s what was announced Thursday:
– Prime Minister Stephen Harper’s government tweaked the Conservative party’s 2011 election promise, and will introduce income-splitting for couples with children under 18 (sharing up to $50,000 of income), but will cap the non-refundable benefit at $2,000 per family. The income-splitting “family tax cut” will be available for the 2014 taxation year and is expected to benefit more than 1.7 million families, says the government, costing the treasury almost $2 billion annually going forward.
– The government is also enhancing and extending the Universal Child Care Benefit (UCCB), increasing the benefit to $160 per month per child for kids under age six — up from the current $100 per month.
– The Tories are introducing a new UCCB benefit of $60 per month per child for children aged six to 17, effective Jan. 1, 2015. The enhanced Universal Child Care Benefit will replace the existing Child Tax Credit (a non-refundable tax credit that provides relief up to $338 per child under 18) for the 2015 and subsequent tax years. The government says all families will be better off by replacing the Child Tax Credit with the enhanced UCCB. Over a full year, parents will receive up to $1,920 for each child under age six and up to $720 for each child aged six to 17.
– Expanding the Universal Child Care Benefit is expected to benefit about four million families and cost the government about $4.4 billion annually going forward (although approximately $1.8 billion will be saved each year by eliminating the Child Tax Credit).
– The enhanced payments for the UCCB, while taking effect in January 2015, will be reflected in monthly payments to recipients in July 2015 (up to six months of benefits would be received in the July payment). Benefits received under the enhanced UCCB will be taxable for the lower-income spouse.
– As well, Harper announced a $1,000 increase in the maximum dollar amounts that can be claimed under the Child Care Expense Deduction, effective for the 2015 taxation year. The changes will see the maximum expense amount increase to $8,000 from $7,000 per child under age seven, to $5,000 from $4,000 for each child aged seven through 16 (and infirm dependent children over age 16), and to $11,000 from $10,000 for children who are eligible for the Disability Tax Credit.
– All told, the government expects the new tax breaks will see families with children receive, on average, about $1,140 in tax relief and benefits each year, helping about four million families.
– Prime Minister Stephen Harper’s government tweaked the Conservative party’s 2011 election promise, and will introduce income-splitting for couples with children under 18 (sharing up to $50,000 of income), but will cap the non-refundable benefit at $2,000 per family. The income-splitting “family tax cut” will be available for the 2014 taxation year and is expected to benefit more than 1.7 million families, says the government, costing the treasury almost $2 billion annually going forward.
– The government is also enhancing and extending the Universal Child Care Benefit (UCCB), increasing the benefit to $160 per month per child for kids under age six — up from the current $100 per month.
– The Tories are introducing a new UCCB benefit of $60 per month per child for children aged six to 17, effective Jan. 1, 2015. The enhanced Universal Child Care Benefit will replace the existing Child Tax Credit (a non-refundable tax credit that provides relief up to $338 per child under 18) for the 2015 and subsequent tax years. The government says all families will be better off by replacing the Child Tax Credit with the enhanced UCCB. Over a full year, parents will receive up to $1,920 for each child under age six and up to $720 for each child aged six to 17.
– Expanding the Universal Child Care Benefit is expected to benefit about four million families and cost the government about $4.4 billion annually going forward (although approximately $1.8 billion will be saved each year by eliminating the Child Tax Credit).
– The enhanced payments for the UCCB, while taking effect in January 2015, will be reflected in monthly payments to recipients in July 2015 (up to six months of benefits would be received in the July payment). Benefits received under the enhanced UCCB will be taxable for the lower-income spouse.
– As well, Harper announced a $1,000 increase in the maximum dollar amounts that can be claimed under the Child Care Expense Deduction, effective for the 2015 taxation year. The changes will see the maximum expense amount increase to $8,000 from $7,000 per child under age seven, to $5,000 from $4,000 for each child aged seven through 16 (and infirm dependent children over age 16), and to $11,000 from $10,000 for children who are eligible for the Disability Tax Credit.
– All told, the government expects the new tax breaks will see families with children receive, on average, about $1,140 in tax relief and benefits each year, helping about four million families.
