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Two years ago, the Canadian Government launched the Canada Child Benefit to replace both the Canada Child Tax Benefit (CCTB) and the Universal Child Care Benefit (UCCB). The Canada child benefit (CCB) is a tax-free monthly payment made to eligible families to help them with the cost of raising children under the age of 18.This benefit is paid over a 12-month period from July of one year to June of next year. The benefit payments are recalculated every July based on the information from you and your spouse’s tax return from previous the previous year. In last year’s Fall Economic Statement,...
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Last week, the Department of Finance released its Fall Economic Statement where the Finance Minister highlighted its efforts to support families and the middle class.  Here are the proposals that the Finance Minister mentioned in his Fall Economic Statement speech: 1.    Strengthen the Canada Child Benefit.  Starting July 2018, the government will be making annual cost of living increases to the CCB which is 2 years ahead of schedule.  A single mother of two children making $35,000 will receive $560 in the 2019-20 benefit year towards the cost of raising her children.  2.    Enhance the Working Income Tax Benefit.  There will...
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Haven’t filed your taxes yet? Here is a refresher on the tax credits and deductions available this tax season.  If applicable to your situation, you may be able to apply for one or more of the following amounts: ·         Canada child benefit: The CCB is a tax-free monthly amount paid to eligible families to help them with the cost of raising children under the age of 18. Families could get up to $6,400 annually for each child under 6 and $5,400 annually for each child aged 6-17. ·         Northern residents deductions:  You may be eligible for a deduction based on the...
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To help you prepare for the coming tax season, we have listed these tax changes for you to keep in mind when filing your tax return. Please note that some tax changes announced by the CRA are still proposals and not law.  However, if they do become law as proposed, they will be effective for 2016 or as of the dates given. Changes for Individuals: 1.    Canada Child Benefit or CCB replaced the Canada child tax benefit, the national child benefit supplement and the universal child care benefit as of July 2016.  2.    Northern residents deductions – the basic and additional...
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