You may still be recovering from the chaos of the holidays but 2015 is well underway. Before you know it, flowers will be blooming, birds will be singing and tax season will be upon us. Tax time isn’t necessarily an occasion Canadians look forward to but there is some good news this year. There are new tax credits this year that will impact families in a positive way. Caroline Battista, senior tax analyst with H&R Block Canada, provides insight on some of the new credits families – and other Canadians – can take advantage of this tax season:
- New Family Tax Cut: The Family Tax Cut provides a tax credit to families with children under 18 equal to the tax savings that would be realized if up to $50,000 of taxable income were transferred from the higher income to the lower income spouse or common-law partner. The maximum credit is capped at $2,000.
- Children’s Fitness Tax Credit Just Got Healthier: If your children are active, the government increased the Children’s Fitness Tax Credit to $1,000 and made it retroactive for 2014. Parents should claim the receipts in the year they paid – not the year the activity takes place.
There is more good news for Canadian families. Even though the Universal Child Care Benefit (UCCB) does not show up in your tax refund, parents with children under 18 will see the recent increase starting in July 2015. For children under six, the monthly amount will be $160 (up from $100) and for children between six and 18, it will be $60 a month. The increase for January to June will be paid in a lump sum in July 2015. And then parents can expect the increased amounts to arrive monthly after that. If you haven’t already registered for child benefits, use Form RC66.
If filing your own taxes seems like a daunting and stressful task, it’s OK to ask for help. A local H&R Block tax professional can help you through the entire process and ensure you take advantage of every credit available so you don’t miss a thing.
H&R Block has a great prize for one lucky Canadian reader, a gift certificate. It is good for one regular return (T4) that can be used at any H&R Block retail office location in Canada. The value for the gift certificate is approx. $100.
The New Family Tax Credit!
This will be good for summer vacation.. Interesting how things change.
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Lol, hubby and I decided on the exact same thing!
I love that fitness credit, our boys love to be active!
That's great to hear. I hate tax time!!
The Children’s Fitness Tax Credit Just Got Healthier: is a good one
That is good news! Hopefully we can take advantage of some of these credits.
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I am loving the New Family Tax Cut!!
I love everything about the new Family Tax credits. My husband and I have recently welcomed our very first bundle of joy and being off on mat leave it will be nice to be able to transfer income. The huge bump in UCCB is amazing also! Thanks so much for a great share and giveaway!
The Family Tax Cut credits sound wonderful!
i was okay doing my own taxes online when things were simple. Now they’re not lol. We just go to h&r block now. So much easier and stress free! I like that the government did something but it’s not going to benefit my family in anyway. My husband and I earn about the same.. I wish more was done for working middle class 🙁
New Family Tax Cut and i am SO happy the Universal tax benefit is going up 🙂
The family tax cut sounds good. I'd like to see what effect it has on our taxes.
The Family Tax Cut credits sound good
The new family tax cut sounds good!
I am glad that there is an increase in the Child Physical Activity's Tax Credit.
need tax relief
the new family cut
The family tax cuts will be fantastic
I'm most excited about the Family Tax Cut
Now we just need some breaks for seniors on fixed incomes.
I like the fact that a tax professional will help me through the entire process and help me get all of the credits that i qualify for.
The new family tax credit! Can't WAIT!
Like the useful . For children under six, the monthly amount will be $160
as a tax credit.
The New Family Tax Credit is not going to benefit my family.
I think the Children’s Fitness Tax Credit will help us.
Child tax benefit
the family tax credits are going to be helpfull
The family tax credit is awesome
The Family tax credits
I always seem to get it a littlebit wrong
Tax time is always stressful. I'm looking forward to both tax breaks.
The Family tax cut.
I don't have kids yet, but I'm happy to see that givernment is giving more tax breaks for not only having kids, but also for the activities they participate in. It'll sure help in the future if I decide to stop working full time and work from home instead.
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I trust H&R Block to do my taxes!
Fitness credit! I have an active 2yo 🙂
the family tax cut credit sounds great
the family tax cut!
I like to see that the Children’s Fitness Tax Credit got healthier.
The Children’s Fitness Tax Credit =)
These new tax changes don't affect me very much but they certainly affect my adult children and their families, especially the Children's Fitness Tax Credit.
The increase in uccb is so helpful
Family Tax Cut
The Children’s Fitness Tax Credit
I love the fact that there will be an increase in the New Family Tax credits! Even the fitness tax is great! Will help a lot of families. Thank you:)
the family tax cut
The tax cuts mentioned above don't apply to me as my child is over age 18, but they are great for families with younger children!
I rely on H&R to do my taxes. I feel so inadequate when I try to do my own.
I'm happy to see the children’s fitness tax credit.
Great article about what's new in your tax returns! In addition you can learn how to pay less tax, here's a link to my website!
bit.ly/pay-less-tax
Family Tax cut !
The children's fitness tax is great. Gotta keep those receipts! It's a great incentive for families to be more active & be reimbursed.
The increase in the UCCB – by $60.00 – essential in assisting young families curb the cost of caring for their children. Every little bit helps.
The new tax cuts sound great
the new family tax credit 🙂 🙂 🙂 🙂