News

  1. Family Tax Cut

    1. Proposal to introduce the Family Tax Cut, a new non-refundable tax credit of up to $2,000 for eligible couples with minor children based on the net reduction of federal tax that would be realized if up to $50,000 of an individual’s taxable income was transferred to the individual’s eligible spouse or common-law partner. This would take advantage of a spouse’s lower income tax bracket. 
    2. This new tax credit will be effective for the 2014 and subsequent tax years.
    3. You can claim the Family Tax Cut for a tax year if:
      1. You were a resident of Canada on December 31 of the year (or on the date of death);
      2. You have an eligible spouse or common-law partner for the year who has not claimed the Family Tax Cut;
      3. You have a child who is under 18 at the end of the year who ordinarily lives throughout the year with you or your eligible spouse or common-law partner;
      4. You were not confined to a prison or similar institution for a period of at least 90 days during the year;
      5. Neither you nor your eligible spouse or common-law partner became bankrupt in the year;
      6. Neither you nor your eligible spouse or common-law partner elected to split eligible pension income in the year; and
      7. Both you and your eligible spouse or common-law partner file an income tax and benefit return for the year.
  2. Child Fitness Credit

    1. Proposal was announced to increase the maximum child fitness tax credit amount per child to $1,000 for the 2014 and subsequent tax years. You will be able to take advantage of the increased maximum amount when you file your 2014 income tax and benefit return in the upcoming filing season.
    2. Proposal was announced to convert the Children’s Fitness Tax Credit to a refundable tax credit for 2015 and subsequent tax years.
  3. Universal Child Care Benefit

    1. A proposal to increase the monthly UCCB benefit by $60, from $100 to $160 for each eligible child under the age of 6 years effective January 2015.
    2. Also includes a proposal for a monthly UCCB benefit of $60 for an eligible child who is at least the age of 6 until the child reaches the age of 18 effective January 2015.
  4. Child Care Expenses

    1. The following dollar limits currently apply when determining the amount of expenses that can be deducted:
      1. For each child who is eligible for the Disability Tax Credit, the deduction limit is $10,000;
      2. For each child who is under seven years of age at the end of the year, the deduction limit is $7,000; and
      3. For each child who is under 16 years of age or had an impairment in physical or mental functions, the deduction limit is $4,000
    2. The October 30, 2014 announcement includes a proposal to increase each of the deduction dollar limits by $1,000 for 2015 and subsequent tax years.
Foundations LLP | Chartered Professional Accountants Calgary - Helping Business to Grow – Solid Relationships – Solid Foundations

110, 7330 Fisher Street SE
Calgary, Alberta T2H 2H8

phone: 403-278-5800
fax: 403-253-9479

Copyright 2019 by Foundations LLP. Chartered Professional Accountants. All Rights Reserved.

Web Design by Pixel Science