How families benefit from tax cuts and changes brought in by the CPC

1)  Family tax cut (income splitting): up to $2000 maximum benefit

2)  Universal child care benefit: as of 2015, increased from $100 monthly (or $1200 annually) to $160 monthly (or $1920 annually) for children 6 and under.  A NEW monthly benefit of $60 is introduced for children aged 7 – 17.

3)  Childcare expense deduction: increased by $1000 annually (total allowable amount depends on age and disability of child)

4)  Children’s fitness tax credit: doubled from $500 to $1000 per child annually

MP Candice Bergen explains the changes here:

http://www.conservative.ca/cpc/our-new-tax-breaks-explained/

And in this video

Please note: There has been no change announced for the Canada Child Tax Benefit (CCTB), which provides monthly payments to eligible families.

See here for more information:

http://www.conservative.ca/NewTaxBreaks/

http://www.taxtips.ca/federalbudget/federal-tax-update-october-2014.htm

 http://www.fin.gc.ca/n14/data/14-155_1-eng.asp

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