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I have zero trust in this, but since we currently qualify for nothing and are taxed to death nothing surprises me. since my daycare costs are behind me I am ok With it since having no daycare is the best savings of all. I think Lizzie is correct in that we will see the money rather than an actual deduction but I do like the sports credit increase. We have always been over 50.00.
Yeah looks like the CCTB (Canada Child Tax Benefit) won't be affected , but the Child Tax Credit ( CTC ) will be eliminated.Quote:
Originally Posted by Anna Michele
So lot of calculations need to be done, to see if you might or might not come out ahead, with the enhanced UCCB .
Lot of number crunching has to be done, only time will tell , depending on your income , taxes you pay etc to see if this is a gain or a loss for you.
1.The Canada Child Tax Benefit, a tax-free monthly payment made to eligible families to help them with the cost of raising children under age 18, has not changed.
2.The Child Tax Credit will be replaced by the enhanced UCCB for the 2015 and subsequent taxation years. For information on enhanced UCCB click here.
Phew.Quote:
Originally Posted by tjthemanto
I didnt realize there were two different ones ????
I get the $100 my bb and another like $92 or domething but I thought it as gst or hst???
I really need to pay more attention
Not sure. They have made it confusing by increasing stuff in one area , and reducing stuff in another area.Quote:
Originally Posted by momof3heathens
Its not as straightforward as they are pretending it to be.
All these tax credits , tax rebates , tax benefits etc etc ..some are refundable , some are non refundable ..some are just deductions which reduces your taxes , some are actual payouts. Some depend on your income , others dont. Some depend on the age & size of your family.
All this makes your head spin . You won't know till everything is filed & applied for , if you actually come out ahead or if you are losing in all this.
Benefit payment dates
Canada child tax benefit (CCTB) - including related provincial and territorial benefits
Last: December 12, 2014 | Next: January 20, 2015
Goods and services tax/Harmonized sales tax (GST/HST) credit - including related provincial credits
Last: October 3, 2014 | Next: January 5, 2015
Universal child care benefit (UCCB)
Last: December 12, 2014 | Next: January 20, 2015
Working income tax benefit (WITB)
Last: October 3, 2014 | Next: January 5, 2015
Alberta family employment tax credit (AFETC)
Last: July 25, 2014 | Next: January 27, 2015
Ontario trillium benefit (OTB) – including Ontario energy and property tax credit (OEPTC),
Northern Ontario energy credit (NOEC) and Ontario sales tax credit (OSTC)
Last: December 10, 2014 | Next: January 9, 2015
Expect a lum sum benefit of $ 360 for the the 6 months from Jan 1 , 2015 to June 30, 2015 - 6 monts @ $ 60 each month. As the increase doesn't beging till July 1 , 2015 , but you will get a retroactive payment for the first 6 months.
A cheque or Direct Deposit for $ 360 should arrive per eligible child in the next few months.
Nice way to buy family votes for 2015 federal elections. But looks like benefits in some other area are being reduced like the Child Tax Credit is being eliminated.
Hopefully its not a case of give with one hand and then take away with the other. Robbing Paul to pay Peter..ha ha
Anna Michele-at least in Alberta some lower income folks also get a federal supplement( National Child Benefit Supplement I think it is called) included on their child tax credit each month-that might explain your $92 per month or that might be a different provincial benefit. GST rebates come quarterly. I agree with Tjthemato that it all makes ones head spin, with some being taxable and some not.
Something people from outside Alberta may not know is that the Child Tax Benefit is less for younger children and more for elemenatary and then another increase for teenagers. Our govt chooses to do it this way which I think makes sense as food and clothing for bigger kids generally costs more. Theoretically one could get more CTB by moving to Alberta especially when they have teens but I guess that would be a poor single reason for moving-lol.
Years ago I knew a family that had adopted many children internationally and they moved from Ontario to Quebec as the child govt benefits were so much more generous-no idea if that is still the case.
I did some research and calculations and this is what I came up with:
The Federal Non-Refundable Child Tax Credit (which is being eliminated) is $2234 per child. With a federal tax rate of 15% this equals to a non refundable tax credit of $335.10 per year. Since this was a non-refundable tax credit it only reduces the amount of income tax you pay.
On the other hand the $60 universal child care benefit would give families $720 per year per child which is more than double what the CTC gives families back. However the UCCB is a taxable benefit so you may have to pay income tax on this amount when you file income tax. How much or if any income tax you have to pay on this would vary depending on what province you live in and your income bracket.
Thanks for your research BG.
Quote:
Originally Posted by tjthemanto
very typical of government... here look at this flashy thing over here while we take from what's behind you while your not looking
Yeah I guess as your federal income tax bracket increases keeping the Child Tax Credit is a better deal for you than the $ 60 increase in UCCB.Quote:
Originally Posted by bobbiegirl2010
But for lower tax bracket individuals the $ 60 increase in UCCB is much better than keeping the Child Tax Credit.
but most people will come out slightly ahead with this new change..but it won't be as big a deal as its made out to be..definitely its taking with one hand and giving with the other hand..and making it look like a big hike..very sneaky.
agreeQuote:
Originally Posted by tjthemanto
lilo003 said the sports tax credit was increased-guess families will be spending more of UCCB there to ensure they recover more of the 15% tax credit to help decrease any income taxes payable.
There's a university student who was a former page in the House of Commons. She's planning to get Canadians to realize where the gov't money spending is occurring and how much. She noted that there are several documents that are released over different periods and unless one knows when a budget was given for a particular department or program, you don't remember much when you hear about spending for that same dept or program.
http://www.cbc.ca/news/politics/oliv...oney-1.2878430
So when are the lump sum $ 360 cheques for the first 6 months coming in the mail , per eligible child ?
In july. And yes per childQuote:
Originally Posted by tjthemanto