MP Larry Miller Supports New Tax Cuts and Increased Benefits for Families

October 30, 2014

 

 MP Larry Miller Supports New Tax Cuts and Increased Benefits for Families

 

Ottawa, ON – Today, the Right Honourable Stephen Harper, Prime Minister of Canada, announced several new measures to support Canadian families through tax cuts and increases in important benefits. Larry Miller, MP for Bruce-Grey-Owen Sound, supports the announcement of these measures.

 

The measures announced today relate to a new Family Tax Cut, increases to and expansion of the Universal Child Care Benefit, and increases to the Child Care Expense Deduction. The following measures were announced:

 

–       The Family Tax Cut;

  • A federal tax credit that will allow a higher-income spouse to transfer up to $50,000 of taxable income to a spouse in a lower tax bracket. The credit will provide tax relief of up to $2,000 for couples with children under the age of 18. This credit will be effective for the 2014 tax year.

 

–       Increasing the Universal Child Care Benefit;

  • Beginning on January 1st, 2015, parents will receive a benefit of $160 per month for each child under the age of six. This is up from the previous benefit of $100 per month. Parents will receive up to $1,920 per child over the course of one year.

 

–       Expanding the Universal Child Care Benefit;

  • Beginning on January 1st, 2015, parents will receive a benefit of $60 per month for children aged six through seventeen. This will be received through the Universal Child Care Benefit. Parents will receive up to $720 per child over the course of one year.

 

–       Increasing the Child Care Expense Deduction;

  • Increasing the dollar limits on claims under this deduction by $1,000. This will be effective for the 2015 tax year. The maximum amounts that can be claimed will increase to $8,000 from $7,000 for children under the age of seven, to $5,000 from $4,000 for children aged seven through 16, and to $11,000 from $10,000 for children who are eligible for the Disability Tax Credit.

 

“I am very pleased to see that the Government has announced new tax measures as well as increases for important benefits that many families in Bruce and Grey counties take advantage of,” said Miller. “This will certainly be welcome news for many families when it comes time to file their taxes for this year. I was also pleased to see that the Government has announced these measures while remaining committed to balancing the budget for 2015.”

 

For more information please visit; http://www.pm.gc.ca/eng/news/2014/10/30/supporting-canadian-families.

 

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