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York-Simcoe Families to Receive Additional $60 Monthly Benefit for Each Child Under 18 | Peter Van Loan MP

York-Simcoe Families to Receive Additional $60 Monthly Benefit for Each Child Under 18

HOLLAND LANDING, ONTARIO — The Honourable Peter Van Loan, Member of Parliament for York–Simcoe, is pleased to announce that the Harper Government is introducing new measures to help Canadian families by expanding the Universal Child Care Benefit, increasing the annual child care expense deduction limits by $1,000 dollars for every child, and allowing income splitting for families.

“As a result of the announcement today every single York-Simcoe family with a child under the age of 18 will benefit from our governments support for families. All parents want to be good providers for their children and sometimes it can be difficult. That is why our government wants to ensure we are putting more money back into the pockets of parents, because they know what is best for their children and how to provide for them.” Van Loan Said.

The Universal Child Care Benefit for children up to age 5 will increase to $160 per month (up from the current $100/month). In addition, a benefit of $60 per month will be introduced for all children aged 6 to 17.

The Child Care Expense Deduction allows child care expenses incurred to be deducted from income for tax purposes. To better reflect the cost of child care expenses, our Government is increasing this by $1,000 for each child. This results in a possible maximum income tax deduction of $8,000 for each child under 7 and $5,000 for each child aged 7-16.

This announcement also fulfills a 2011 commitment to allow for income splitting for couples with children under the age of 18. Now couples can transfer up to $50,000 in income from the higher income earner to the lower income earner for tax purposes. It will provide a maximum benefit of up to $2,000 for Canadian families.