I’m happy to see that Prime Minister Harper has recently announced some new tax breaks for Canadian families. Anything we can do to make things easier on families is a great benefit to the country. There are a number of new changes that will help families in all different circumstances.
The new family tax cut allows for up to $50,000 of taxable income to be transferred from one spouse to another in a lower tax bracket to reduce income taxes by up to $2000.
In addition, the Universal Child Care Benefit has been expanded for children under 6, increasing the benefit by $60. Parents will also now receive $60/month for every child aged 6-17. The Child Care Expense Deduction, which allows parents to deduct childcare expenses from their income, has also been expanded by $1000.
The Children’s Fitness Tax Credit (CFTC), which allows you to deduct expenses from children’s extra curriculars from your income, has been doubled. And, in 2015, the CFTC will be refundable so that families who don’t earn enough to pay income taxes will still benefit.
For more information about the tax cuts and to learn how to make them work for you, visit www.newtaxbreaks.ca.