Highlights from Minister Findlay’s February 16, 2015 announcement:
- The new family tax cut is a non-refundable credit of up to $2,000 for couples with children under the age of 18, and will take effect starting with the 2014 tax year.
- The universal child care benefit (UCCB) will increase to $160 per month for children under the age of 6, starting on January 1, 2015. Payments of the additional amount and expanded amount will start in July 2015. Parents will now receive $1,920 per child, per year.
- UCCB will be expanded to children aged six through 17. As of January 1, 2015, parents will receive a benefit of $60 per month for children aged six through 17. Parents will receive $720 per child, per year.
- The limits used to calculate the child care expenses deduction will increase by $1,000 starting in the 2015 tax year: from $7,000 to $8,000 for children under 7; from $4,000 to $5,000 for children aged 7 through 16; and from $10,000 to $11,000 for children who are eligible for the disability tax credit.
- The children’s fitness tax credit has doubled from $500 to $1000. Families may be able to claim up to $1,000 per child for the cost of an eligible program of physical activity. If the child is eligible for the disability tax credit and the program cost is at least $100 in registration or membership fees, families can claim an additional $500.
For more information on these and other credits, go to www.canada.ca/taxsavings.