The Federal Government has proposed the following new measures to help Canadian families:
- An enhanced Universal Child Care Benefit that would provide an increased benefit of up to $1,920 per year for children under the age of 6, and a new benefit of up to $720 per year for children aged 6 through 17, effective January 1, 2015.
- A $1,000 increase in the maximum dollar amounts that can be claimed under the Child Care Expense Deduction, effective for the 2015 taxation year.
- The Family Tax Cut, a federal non-refundable tax credit of up to $2,000 for couples with children under the age of 18, effective for the 2014 taxation year.
- Doubling of the Children’s Fitness Tax Credit to $1,000 and making it refundable, effective for the 2015 and subsequent taxation years. Parents will be able to take advantage of the new $1,000 maximum limit in the spring of 2015 when they file their tax returns for 2014.
For further information, go to Helping Families Prosper