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Child tax credit: In the 2014 tax year, the federal credit is $2,255 for each child under 18, which works out to tax savings of around $338 per child.
Universal child care benefit: All families, regardless of income, are eligible to receive $100 each month per child under six. As of Jan. 1, 2015, UCCB payments to children under six will increase to $160 a month. There will also be a new benefit of $60 a month for children age six to 17, also effective Jan. 1, 2015. But the enhanced benefits won't be paid until July 2015, so parents will get a retroactive payment then. Because of the enhancements to the UCCB, the child tax credit will be eliminated as of the 2015 tax year. Note that the Canada child tax benefit (see below) has not changed. Apply using the Canada child benefits application.
Canada child tax benefit: The eligibility and amount of this tax-free monthly benefit for each child under 18 is determined by family net income, province of residence and number of children. If you file late, payment may be temporarily put on hold as the amount is based on income reported on your annual tax returns. The child tax credit is indexed to inflation and new rates take effect July 1 of each year.
Questions:
1. So the big one i.e. claiming dependent child which most people argue about, child tax credit is being eliminated then?
2. Enhanced UCCB starting July 15 is to replace the above child tax credit?
3. In Ontario, does everyone get the CCTB or is there a cut-off earning that you become ineligible?
http://www.cbc.ca/news/business/taxe...ors_picks=true
Thank you
Universal child care benefit: All families, regardless of income, are eligible to receive $100 each month per child under six. As of Jan. 1, 2015, UCCB payments to children under six will increase to $160 a month. There will also be a new benefit of $60 a month for children age six to 17, also effective Jan. 1, 2015. But the enhanced benefits won't be paid until July 2015, so parents will get a retroactive payment then. Because of the enhancements to the UCCB, the child tax credit will be eliminated as of the 2015 tax year. Note that the Canada child tax benefit (see below) has not changed. Apply using the Canada child benefits application.
Canada child tax benefit: The eligibility and amount of this tax-free monthly benefit for each child under 18 is determined by family net income, province of residence and number of children. If you file late, payment may be temporarily put on hold as the amount is based on income reported on your annual tax returns. The child tax credit is indexed to inflation and new rates take effect July 1 of each year.
Questions:
1. So the big one i.e. claiming dependent child which most people argue about, child tax credit is being eliminated then?
2. Enhanced UCCB starting July 15 is to replace the above child tax credit?
3. In Ontario, does everyone get the CCTB or is there a cut-off earning that you become ineligible?
http://www.cbc.ca/news/business/taxe...ors_picks=true
Thank you
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