The Government has doubled the Children’s Fitness Tax Credit (CFTC) and made it refundable to further help families who enroll their children in eligible fitness activities. Making the tax credit refundable ensures that even those who do not earn enough to pay income taxes can benefit from this credit. Parents will be able to take…
The Child Care Expense Deduction (CCED) allows child care expenses to be deducted from income when those expenses are incurred to earn employment or business income, pursue education or perform research. Generally, only the lower-income spouse can claim the CCED. Currently, the maximum amount that can be claimed under the CCED each year is limited to the least…
The Government is proposing a new Family Tax Cut, a federal non-refundable tax credit worth up to $2,000 for couples with children under the age of 18. The Family Tax Cut would allow a spouse to, in effect, transfer up to $50,000 of taxable income to a spouse in a lower income tax bracket, providing tax relief…