Canada Revenue Agency

Canada Revenue Agency

March 04, 2015 17:07 ET

Minister of National Revenue Hosts Pre-Budget Consultations with Local Business Leaders and Highlights our Government's Initiatives to Support Families and Communities

Minister Findlay meets with Truro business community to discuss priorities for economic growth, job creation, and long-term prosperity

TRURO, NOVA SCOTIA--(Marketwired - March 4, 2015) - Canada Revenue Agency

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, today met with representatives from the Truro business community to discuss priorities and hear their suggestions ahead of the 2015 federal budget.

The discussions centered on how to continue advancing the Government of Canada's low-tax plan for job creation, economic growth, and long-term prosperity, for the benefit of businesses, families, and communities from coast to coast. Minister Findlay highlighted tax reduction measures and benefits for families recently proposed by the Government, including:

- The Family Tax Cut, a federal tax credit that will allow a higher-income spouse to transfer up to $50,000 of taxable income to a spouse in a lower tax bracket. The credit will provide tax relief of up to $2,000 for couples with children under the age of 18, effective for the 2014 tax year.

- Increasing the Universal Child Care Benefit (UCCB) for children under age six up to $160 per month, starting on January 1, 2015, and expanding the UCCB to provide up to $60 per month per child aged six through 17.

- Doubling the Children's Fitness Tax Credit to $1,000 per child and made it refundable, effective for the 2015 and subsequent taxation years. Parents will be able to take advantage of the new $1,000 maximum limit in the spring of 2015 when they file their tax returns for 2014.

- Increasing, beginning in the 2015 tax year, the Child Care Expense Deduction by $1,000, from $7,000 to $8,000, for children under age seven, to $5,000 from $4,000 for children aged seven through 16, and to $11,000 from $10,000 for children who are eligible for the Disability Tax Credit.

To ensure that all Canadians can participate in the pre-budget consultation process, the federal government has launched online consultations. Those interested in participating can find more information on the Department of Finance Canada website.

Quick Facts

  • All families with children will benefit from the new measures introduced by the Government of Canada. The average tax relief and benefits for these families will be $1,140 in 2015.
  • The Family Tax Cut will eliminate or significantly reduce the difference in the federal tax payable by a one-earner couple relative to a two-earner couple with a similar family income.
  • In one year, parents will receive up to $1,920 per child, under the UCCB.
  • The UCCB enhancements would take effect starting January 2015 and would be reflected in monthly payments to recipients beginning in July 2015, pending parliamentary approval of the necessary legislation.

Quotes

"Our Government is fulfilling its promise to balance the federal budget. We are now in a position to fulfill our promise to help Canadian families balance theirs. New benefits like the Family Tax Cut, the enhanced children's fitness tax credit, and the expansion of the Universal Child Care Benefit help families prosper. At the same time, we continue to make unprecedented investments in infrastructure projects that will contribute to economic growth, job creation, and productivity in Canadian communities for years to come."

- The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue

"Our Government remains focused on delivering our low-tax plan for economic growth, job creation, and long-term prosperity-a plan that has served Canadians well. Building on this record of success and solid job creation since 2009, we remain committed to fiscal responsibility. We want to hear from Canadians on how we can do even more to return to balanced budgets in 2015 and to create lasting prosperity. I want to thank the Truro business community for their constructive feedback."

- Scott Armstrong, Member of Parliament for Cumberland-Colchester-Musquodoboit Valley

Related Products

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Harper government introduces small business job credit

Associated Links

Action Plan

New Building Canada Plan

Small Business Job Credit

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Contact Information

  • Rebecca Rogers
    Director of Communications
    Office of the Minister of National Revenue
    613-995-2960

    Philippe Brideau
    Media Relations
    Canada Revenue Agency
    613-941-6269