In October, Prime Minister Stephen Harper introduced the Family Tax Plan, which will provide benefits to 4 million Canadian families this year. Low and middle-income families will receive two-thirds of the overall benefits provided by this package.
Here are four ways our Government is helping hardworking Canadians this tax season:
First, the new Family Tax Cut. This measure is aimed at couples with children under the age of 18, where one spouse is in a higher income bracket than the other. The Family Tax Cut can lower a family’s overall tax bill, providing tax relief of up to a maximum of $2,000.
Second, we have enhanced the Universal Child Care Benefit (UCCB). Our Government is increasing the UCCB for children under age six. As of January 1, 2015 parents will receive a benefit of $160 per month for each child under the age of six – up from $100 per month. Parents will now receive $1,920 per child, per year.
We are also expanding the UCCB to children aged six through 17. As of January 1, 2015, parents will receive a benefit of $60 per month for children aged six through 17. Parents will receive $720 per child, per year.
Next, we are increasing the Child Care Expense Deduction dollar limits by 1,000 for the 2015 tax year. You or your spouse may be able to claim a deduction for expenses incurred for someone to look after your child so that one of you can work or go to school.
Lastly, we have doubled the Children’s Fitness Tax Credit from $500 to $1,000 per child, starting in the 2014 tax year.
Not only has our Government lowered taxes, we are also making it easier to file your taxes. Four in five Canadians are now experiencing the ease of filing online. Many are receiving their tax refund in as little as 8 days when using direct deposit. That’s our Government putting more of your money back in your pocket.
To learn more, please visit the Canadian Revenue Agency website.