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Family Tax Cut
The proposed Family Tax Cut would allow a spouse to, in effect, transfer up to $50,000 of taxable income to a spouse in a lower tax bracket, up to a maximum benefit of $2,000. The Family Tax Cut would take effect starting in the 2014 tax year. Couples would be able to claim the credit when they file their 2014 tax returns. More than 1.7 million families are expected to benefit from the new Family Tax Cut.
Universal Child Care Benefit
The Universal Child Care Benefit currently provides all families with up to $1,200 per year for each child under the age of 6. The Government is proposing to increase and expand the UCCB starting in 2015 to provide up to $1,920 per year for each child under the age of 6, and up to $720 per year for children aged 6 through 17.
Child Care Expense Deduction
The CCED allows child care expenses to be deducted from income when those expenses are incurred to earn employment or business income, pursue education or perform research. The Government is proposing a $1,000 increase to the maximum dollar amounts that could be claimed, starting in the 2015 tax year.
Doubling the Children’s Fitness Tax Credit
The Government proposes to double the Children’s Fitness Tax Credit to $1,000, starting in the 2014 tax year. The Government also proposes to make the credit refundable for the 2015 and subsequent tax years to ensure those who do not earn enough to pay income taxes would benefit.
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