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Summary of Yesterday's Tax Announcements

本文发表在 rolia.net 枫下论坛Family Tax Cut
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The Family Tax Cut is a new 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 capped at $2,000 for couples with children under the age of 18, effective for the 2014 tax year.

Child Care Expense Deduction
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In 2015, the Child Care Expense Deduction will be increased by $1,000 annually, from $7,000 to $8,000 per child under age seven, and from $4,000 to $5,000 per child aged seven to 16. Children eligible under the Disability Tax Credit will see benefits raised from $10,000 annually to $11,000.

Universal Child Care Benefit
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Beginning in January 2015, the Universal Child Care Benefit will be increased by $60 per month to $160 for children under the age of six, and a new benefit of $60 per month for children aged six through 17 will be introduced. The increased payments will commence as of July 2015, however, the July payment will include six months of benefits to cover the January to June period.更多精彩文章及讨论,请光临枫下论坛 rolia.net
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