October 30, 2014, the federal government introduced three income tax measures intended to relieve the tax burden for families:
- income-splitting – starting 2014, an annual tax credit equal to the federal tax reduction that would result on the transfer of up to $50,000 of taxable income from one spouse to the other, to a maximum credit of $2,000
- child care expenses – starting 2015, the maximum per child amounts that can be claimed will increase by $1,000
- Universal Child Care Benefit – starting 2015, monthly benefits will increase and this program will replace the existing Child Tax Credit
The government also provided a reminder that, as previously announced, the Children’s Fitness Tax Credit will be doubled to a maximum of $1,000, starting 2014, and will be refundable, starting 2015.
For more information, please read link.
- income-splitting – starting 2014, an annual tax credit equal to the federal tax reduction that would result on the transfer of up to $50,000 of taxable income from one spouse to the other, to a maximum credit of $2,000
- child care expenses – starting 2015, the maximum per child amounts that can be claimed will increase by $1,000
- Universal Child Care Benefit – starting 2015, monthly benefits will increase and this program will replace the existing Child Tax Credit
The government also provided a reminder that, as previously announced, the Children’s Fitness Tax Credit will be doubled to a maximum of $1,000, starting 2014, and will be refundable, starting 2015.
For more information, please read link.