What you need to know about Stephen Harper's 3 new...
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Oct 30, 2014  |  Vote 0    0

What you need to know about Stephen Harper's 3 new tax breaks

The details of the Conservatives' new tax cuts

OurWindsor.Ca

On Thursday, the Conservatives unveiled a package of tax changes aimed at Canadian families. Here are the details.

1. The Family Tax Cut, a new federal non-refundable credit of up to $2,000 for couples with children under 18 effective for the 2014 tax year.

Benefit: more than 1.7 million families.

Cost: reduce federal tax revenues by $1.9 billion in 2015-16.

2. Boosting the Universal Child Care Benefit, providing $160 a month for children under the age of 6, up from $100 a month. As well, the government is introducing a new benefit of $60 a month for children aged 6 to 17, effective Jan. 1, 2015. This will replace the existing child tax benefit starting in the 2015 tax year.

Benefit: About four million families.

Cost: $4.4 billion in 2015-16.

3. An increase in what can be claimed under Child Care Expense Deduction, for the 2015 tax year. The maximum amount will increase to $8,000 from $7,000 for each child under age 7; to $5,000 from $4,000 for each child 7 to 16 (and infirm dependent children over 16); and to $11,000 from $10,000 for children eligible for the disability tax credit.

Benefit: More than 200,000 families.

Cost: $65 million in 2015-16

Toronto Star

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