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Recently, the federal government announced a new income-splitting benefit for couples with children under the age of 18 in efforts to make life more affordable for Canadian families, as part of a series of new tax measures. What are the new tax measures? In efforts to provide tax relief for some four million Canadian families, the government has proposed the following: • The Family Tax Cut –a federal tax credit allowing a higher-income spouse to transfer up to $50,000 of taxable income to a spouse in a lower tax bracket, with a maximum of $2,000 a year in tax relief; • An increase to the Universal Child Care Benefit (UCCB) for children under the age of 6 from $100 to $160, as of January 1, 2015; • Expanding the UCCB to children aged 6-17; • Increasing the Child Care Expense Deduction dollar limits by $1,000, effective for the 2015 tax year. The Family Tax Cut can be claimed in the spring of 2015 as families file their 2014 returns. As a result of these new measures, low-and-middle-income families will receive two-thirds of the overall benefits provided by the package. For more information view full article on the Government of Canada website; http://news.gc.ca/web/article-en.do?nid=898399
On November 3, 2014 the Canada Revenue Agency (“CRA”) announced the maximum pensionable earnings for 2015 will increase to $53,600 which is up from $52,500 in 2014. This was set by a formula which factored in greater average weekly salary and wages for Canadians. As a result, maximum Canada Pension Plan (“CPP”) premiums will increase from $4,851.00 in 2014 ($2,425.50 employee portion and $2,425.50 employer portion) to $4,959.90 in 2015 ($2,479.95 employee portion and $2,479.95 employer portion). For more information, view the CRA News Release or contact your trusted J. Kunickey & Company.