Last October, Prime Minister Stephen Harper introduced the Low-Tax Plan for Families, which will provide benefits to 4 million Canadian families this year. Low and middle-income families will receive two-thirds of the overall benefits provided by this package.
First, the new Family Tax Cut is aimed at couples with children under the age of 18, where one spouse is in a higher tax bracket than the other. Transferring up to $50,000 of income from spouse to the other can lower a family’s overall tax bill up to a maximum of $2,000.
Second, we have enhanced the Universal Child Care Benefit (UCCB). Our Government is increasing the UCCB for children under age six. As of January 1, 2015, parents will receive a benefit of $160 per month for each child under the age of six – up from $100 per month. Parents will now receive $1,920 per child, per year. We are also expanding the UCCB to children aged six through 17. As of January 1, 2015 these parents will receive a benefit of $60 per month for each of these children. This amounts to $720 per child, per year.
Next, we are increasing the Child Care Expense Deduction limits by $1,000 for the 2015 tax year. You or your spouse may be able to claim a deduction for expenses incurred for someone to look after your child so that one of you can work or go to school.
Lastly, we have doubled the Children’s Fitness Tax Credit from $500 to $1,000 per child, starting in the 2014 tax year.
Our Low-Tax Plan for Families is affordable, even with the current challenges confronting Canada’s — and Alberta’s – economy. What we have done is pursue a plan of balanced budgets and low taxes for families, for individuals, and for businesses.
This past week, Justin Trudeau promised to raise taxes on thousands of middle class families by replacing the Family Tax Cut with his “Family Tax Hike”, and taking away your ability to save more through your Tax Free Savings Account. The Liberal Party will scrap the Universal Child Care Benefit which they have long said parents spend on “beer and popcorn”. The Liberals have also stated their ideologically opposition to income splitting and seniors should be worried. Finally, critics are citing a $2 billion short-fall in the Liberal plan and Justin’s reply has been that he will announce details on that at a later date.
Our Conservative Government’s plan is putting more money back in the pockets of taxpayers – as much as $6,600 per year per average family of four. The political alternatives in Parliament want to return to higher tax levels and roll back our record-level of support for families. They want your money to flow back to Ottawa for them to spend on big government. We won’t let that happen.
