New measures announced in 2014 will leave more money in the hands of Canadian families in 2015: Finance Minister Joe Oliver today highlighted new tax cuts and increased benefits that would help hard-working Canadian families make ends meet, by making important priorities like child care and after-school sports more affordable in 2015.
Quick Facts
- All families with children under the age of 18 will benefit from tax cuts and increased benefits announced in 2014 that will help make life more affordable. Under the proposed changes:
- the Universal Child Care Benefit (UCCB) for children under the age of 6 would increase to $160 per month per child—up from $100 per month—as of January 1, 2015;
- the UCCB would be expanded to include a new benefit of $60 per month for children aged 6 through 17 as of January 1, 2015;
- the Child Care Expense Deduction dollar limits would increase by $1,000 as of the 2015 taxation year;
- the Family Tax Cut, a new federal non-refundable tax credit, would provide up to $2,000 in tax relief to couples with children under the age of 18 as of the 2014 taxation year; the credit would be claimable on income tax returns filed in the spring of 2015.
- Enhanced payments for the UCCB would begin to be reflected in monthly payments to recipients in July 2015. The July 2015 payment would include up to six months of benefits to cover the January to June 2015 period.
- The enhanced UCCB would replace the existing Child Tax Credit for the 2015 and subsequent taxation years. By replacing the Child Tax Credit with the enhanced UCCB, all families with incomes too low to be taxable, and who cannot take advantage of the Child Tax Credit, would benefit.
- Parents will also be able to take advantage of the new $1,000 maximum limit for the Children’s Fitness Tax Credit—double the previous limit—when they file their income tax returns for the 2014 taxation year. In addition, as of the 2015 taxation year, the Children’s Fitness Tax Credit will become refundable, benefiting families with incomes too low to be taxable.
December 30, 2014 – Ottawa, Ontario – Department of Finance
Source: http://news.gc.ca/web/article-en.do?mthd=tp&crtr.page=2&nid=917289&crtr.tp1D=1