Families with children will benefit from new Family Tax Cut says MP

A non-refundable credit of up to $2,000 for couples with children under the age of 18

Ottawa – Cathy McLeod, Member of Parliament for Kamloops – Thompson – Cariboo applauded the legislation introduced Mar. 27. to enhance the Universal Child Care Benefit.

Under Bill C-57, the Support for Families Act, families would receive almost $2000 per year for each child under 6 and $720 per year for each child aged 6 through 17.

The new benefit amounts would be retroactive to January 1, 2015 and reflected in monthly payments to recipients in July 2015.

“If you have children under 18 you automatically qualify for the enhanced Universal Child Care Benefit. It doesn’t matter how much you make or the type of child care you choose,” said McLeod.

Additional family measures introduced in this legislation include:

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

The Child Care Expenses Deduction: the maximum dollar limits that can be claimed 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.

“All families with children will benefit from the new measures introduced by our Government with the average tax relief and benefits at $1,140 in 2015.

Low and middle-income families will receive two-thirds of the overall benefits provided by these measures,” concluded McLeod.