Universal Child Care Benefit (UCCB) increases from $ 100 to $ 160, other increases to

http://www.thestar.com/news/canada/2..._new_year.html

Meanwhile, all families — including single-parent households — will see their Universal Child Care Benefit increased from $100 to $160 per month for children under the age of 6.



Parents with children between the ages of 6 and 17 will receive a new benefit of $60 per month.



The increased payment will not actually arrive until July 2015, but that cheque will include the additional amounts for the first half of the year.

This enhanced benefit is going to replace the Child Tax Credit for the 2015 taxation year.

A federal government goodie?
Hmmm. I smell an election in 2015.
Sorry to be sarcastic, but they don't give anything without a reason.

Thanks, Mr. Harper!

I get more than $60.00 per month now for CTB, so I guess I will be sol or is it $60.00 per child either way I'm still getting short changed, thanks Mr. Harper

Yep, the way the current changes are laid out they are going to hurt a lot of people financially. I currently receive some CTB and am due with baby #2 in August, dh and I both earn about the same amount of money. My friend is a single mother and due with baby #4 in early January, she relies on CTB to pay her bills. This is one of the many reasons why I do not like Harper.

If they think 60 is going to replace my baby bonus they wont get my vote

http://www.cra-arc.gc.ca/gncy/bdgt/2014/qa12-eng.html

http://www.cra-arc.gc.ca/gncy/bdgt/2014/qa11-eng.html


http://www.fin.gc.ca/n14/14-155-eng.asp

http://www.cra-arc.gc.ca/gncy/bdgt/2014/qa10-eng.html

Will this affect parents on disability or assistance?

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Originally Posted by momof3heathens

Will this affect parents on disability or assistance?

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Not sure if this helps im still trying to wrap my head around it



Increasing the Child Care Expense Deduction dollar limits by $1,000, effective for the 2015 tax year. The maximum amounts that can be claimed will increase to $8,000 from $7,000 for children under age 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.*

The $60 per month is in addition to the baby bonus or child tax credit! I was confused at first too! In a sense it really isn't extra money-it replaces the deduction we used to get per child on our income taxes every year-we will still get that this spring but not after that is my understanding. But the good thing is that we get it monthly starting in July( and you will get 6 months retro that month (so you can be thinking now about what you could put that lump sum towards depending on how many youngsters you have) and it is not income based. Anyone with kids 6-17 gets it while those with kids 5 and under get 160 per child rather than the $100 now.

AM -I think this will actually benefit your family-from what I think you have said you have 5 youngsters so 60 per month for those 6-17 and 160 per month for those younger. And you will still get your baby bonus or CTC credti for each child as well each month.

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Originally Posted by Anna Michele

If they think 60 is going to replace my baby bonus they wont get my vote

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Angela, I think in your case you are right that if you and DH both earn the same and are in the same tax bracket then the income splitting won't be beneficial. But perhaps it might be when you are on mat leave this year and next year and earning less on EI? It may however be worth running the numbers and figuring out, if your DH can transfer up to 50,000 per year of income to you to be taxed at a lower rate would it make more sense for you to stay home with your little ones paying no child care expenses for two kids, no transporation to work etc until they start school? Consider what you would bring home each day after child care expenses etc vs splitting income with your DH for awhile. . Especially right now with your sub teaching. Of course if you get a contract I am sure it would make more sense for you to work to have a bigger income, build your pension etc. The new increased childcare deductions will help those working parents with high child care costs.

You will get more per month!

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Originally Posted by jasperandchar

I get more than $60.00 per month now for CTB, so I guess I will be sol or is it $60.00 per child either way I'm still getting short changed, thanks Mr. Harper

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Originally Posted by jasperandchar

I get more than $60.00 per month now for CTB, so I guess I will be sol or is it $60.00 per child either way I'm still getting short changed, thanks Mr. Harper

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Quote:

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Originally Posted by Angela273

Yep, the way the current changes are laid out they are going to hurt a lot of people financially. I currently receive some CTB and am due with baby #2 in August, dh and I both earn about the same amount of money. My friend is a single mother and due with baby #4 in early January, she relies on CTB to pay her bills. This is one of the many reasons why I do not like Harper.

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Originally Posted by Anna Michele

If they think 60 is going to replace my baby bonus they wont get my vote

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So are they just reducing $ 60 or more in one area, and increasing $ 60 in another area , and pretending its extra benefits ?

Very sneaky of the gov. if that's the case. Just some election goodies to buy some extra votes , I guess.

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Originally Posted by lizzie bargain

AM -I think this will actually benefit your family-from what I think you have said you have 5 youngsters so 60 per month for those 6-17 and 160 per month for those younger. And you will still get your baby bonus or CTC credit for each child as well each month.

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you are right

What is the Child Tax Credit? The Child Tax Credit is a non-refundable tax credit for parents of children who are under 18 years of age at the end of the year. A claim is made for the credit by completing line 367 of the Schedule 1, Federal Tax, when you prepare your personal income tax and benefit return.


They said it will replace ctb and then they say it wont change.

Will my Canada Child Tax Benefit change as a result of the enhancements to UCCB? 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.

But tj you are right all they are doing is cutting and pasting

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.

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Originally Posted by Anna Michele

I hope you are right
They said it will replace ctb and then they say it wont change.
Im gonna go with what you said ;)
But tj you are right all they are doing is cutting and pasting

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Yeah looks like the CCTB (Canada Child Tax Benefit) won't be affected , but the Child Tax Credit ( CTC ) will be eliminated.
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.

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Originally Posted by tjthemanto

Yeah looks like the CCTB (Canada Child Tax Benefit) won't be affected , but the Child Tax Credit ( CTC ) will be eliminated.
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.

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Phew.
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

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Originally Posted by momof3heathens

Will this affect parents on disability or assistance?

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Not sure. They have made it confusing by increasing stuff in one area , and reducing stuff in another area.

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.

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Originally Posted by tjthemanto

So are they just reducing $ 60 or more in one area, and increasing $ 60 in another area , and pretending its extra benefits ?

Very sneaky of the gov. if that's the case. Just some election goodies to buy some extra votes , I guess.

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very typical of government... here look at this flashy thing over here while we take from what's behind you while your not looking

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Originally Posted by bobbiegirl2010

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.

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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.

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.

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Originally Posted by tjthemanto

very sneaky.

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agree

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 ?

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Originally Posted by tjthemanto

So when are the lump sum $ 360 cheques for the first 6 months coming in the mail , per eligible child ?

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In july. And yes per child