We provide a newsletter
We provide a newsletter, we provide links to websites with information and all kinds of other help for access to information. This article will provide bullet points for the most significant recent changes, if you want more in depth information on any of the items you will find it on our website in the Tax News section.
Universal Child Care Benefit – $160 per month for each child under age 6; $60 per month for each child age 7 to 17. Payments were to start July 2015 and the July cheque should include a retroactive amount for the additional benefit due from January to June 2015.
Child care expense deduction increases for 2015:
$8000 (up from $7000) for children under 7 years of age and $5,000 (up from $4000) for children aged 7 to 16.
Family Tax Cut (called income-splitting by many of you) remains for now though the Liberal Government has indicated they wish to remove it.
New lower tax rate for individual income that falls between $45,282 and $90,563.
New higher rate for income over $200,000 beginning in 2016