Universal Child Care Benefits have Increased!

Effective as of January 1, 2015 the Universal Child Care Benefit (UCCB) will be providing up to $1,920 per year for each child under the age of 6. Now there is also a new benefit of up to $720 per year for children aged 6 through 17. This benefit allows parents to decide how to use the benefit that best suites the needs of their children. The UCCB enhancements would take effect starting January 2015 and would begin to be reflected in monthly payments to recipients in July 2015. To find out more information about the UCCB, contact us!

Video via the Canada Revenue Agency.

March 12, 2015 admin 0 Comments Tax Credit, Tax Returns, Taxes

New Family Tax Cut

A new tax credit is being introduced this year! The Family Tax Cut tax credit will benefit Canadian families by providing up to $2,000 in tax relief for couples with children under the age of 18. This new tax credit allows the high income spouse to transfer up to $50,000 of taxable income to their spouse who is in a lower income tax bracket. For more information on this tax credit, or to find out if you are eligible for the new family tax cut, contact us!

Video via The National.

March 10, 2015 admin 0 Comments Tax Credit, Taxes