Recent legislation enacted by our Conservative government will benefit every Canadian family with children under the age of 18.
Measures in this package include the introduction of the Family Tax Cut – an initiative that will allow a higher-income spouse to transfer up to $50,000 of taxable income to their partner in a lower tax bracket.
The Family Tax Cut is helping to establish fairness in the tax system and is expected to benefit nearly two million families across the country.
Also included in the legislation are increases and enhancements of the Universal Child Care Benefit.
Parents with children under the age of six will now receive a monthly benefit of $160 per child. Parents with children between the ages of six and 17 will receive a benefit of $60 per month, representing an extra $720 per child.
We are also increasing the Child Care Expenses Deduction amount by $1,000 in each category – representing an increase for children under age seven from $7,000 to $8,000, from $4,000 to $5,000 for children seven to sixteen and $10,000 to $11,000 for children eligible for the Disability Tax Credit.
Making child care more affordable for Canadians will help more than 200,000 families, putting their minds at ease and helping to create employment.
Additionally, we have doubled the Children’s Fitness Tax Credit and made it refundable. Making it refundable ensures that those who do not earn enough to pay tax will still benefit from the increase. Parents will now be able to claim sports expenses of up to $1,000 per year.
Those parents with children playing hockey, and other organized sports, understand the costs involved. Enhancing this benefit will help cut costs for more than 850,000 families with children enrolled in fitness activities.
Keeping taxes low for Canadian families is a particular focus of our Conservative government. Since our election in 2006, we have enacted family tax measures that will serve to save an average Canadian family of four more than $6600 this tax year.
Strong and thriving families are the most vital component of our society and our nation’s economy.
