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Several new measures were proposed on Thursday afternoon by Prime Minister Stephen Harper to support Canadian families through tax cuts and increases in important benefits. In support of the new measures is Dan Albas, MP Okanagan-Coquihalla.
The measures refer to a new Family Tax Cut, which increases and expands the Universal Child Care Benefit, and increases to the Child Care Expense Deduction.
The Family Tax Cut refers to a federal tax credit that will allow a higher-income spouse to transfer up to $50,000 of taxable income to a spouse in a lower tax bracket. The credit will provide tax relief of up to $2,000 for couples with children under the age of 18. This credit will be effective for the 2014 tax year.
Increasing the Universal Child Care Benefit: beginning on January 1st, 2015, parents will receive a benefit of $160 per month for each child under the age of six. This is up from the previous benefit of $100 per month. Parents will receive up to $1,920 per child over the course of one year.
Expanding the Universal Child Care Benefit: beginning on January 1st, 2015, parents will receive a benefit of $60 per month for children aged six through seventeen. This will be received through the Universal Child Care Benefit. Parents will receive up to $720 per child over the course of one year.
The last measure on the agenda is to increase the Child Care Expense Deduction, referring to increasing the dollar limits on claims under this deduction by $1,000. This will be effective for the 2015 tax year. The maximum amounts that can be claimed will increase to $8,000 from $7,000 for children under the age of seven, to $5,000 from $4,000 for children aged seven through 16, and to $11,000 from $10,000 for children who are eligible for the Disability Tax Credit.
“I am pleased that Government has announced new tax measures as well as increases for benefits that many families in Okanagan Coquihalla can take advantage of,” said Albas. "Paying less in tax means more money remains in the household budget to support families."
For more information, visit the PM's website.
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