Senator Thanh Hai Ngo would like to share the following announcement made by Prime Minister Stephen Harper on October 30, 2014.
“It is my pleasure to bring your attention to the Government of Canada’s new Family Tax Cut of up to $2,000 for couples with children under the age of 18, effective for the 2014 tax year. This Government understands the costs of raising a family today. That is why we are putting cash back into the pockets of Canadians” said Senator Ngo.
He further stated that “these new measures brought forward by Prime Minister Stephen Harper will put more money back in the pockets of parents, by providing them significant tax relief for hard-working Canadian families. Such tax cuts, increase benefits for families, providing them with about $4.6 billion in annual relief to about 4 million families with children. In addition, this Government is increasing and expanding the Universal Child Care Benefit. This will provide up to $1920 per year for children under the age of 6, and up to $720 per year for children ages 6 to 17. This is joined with an increase of each of the Child Care Expense Deduction dollar limits by $1,000. Furthermore, the Government is doubling the Children’s Fitness Tax Credit and making it refundable.”
In closing, the Senator stated that “we are committed to providing real support for Canadian families. I encourage all families to take part of these new measures to help make life more affordable, and allowing Canadian families to save an average of $1,140.”