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Thread: New family tax credit

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    Default New family tax credit

    A FB friend just posted this info about new tax credits for families. I was mostly excited about UCCB for kids over 6. It's not much, but helps with after school and pd day costs.

    https://simpletax.ca/blog/2014/new-family-tax-credits
    Last edited by tinydancer; 11-05-2014 at 04:57 PM.
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    I only knew about the income splitting thing, I didn't realize there were other changes as well. The UCCB seems helpful but I know it is taxed and our income will be higher next year so I'm not sure it will be much benefit in the end. The higher fitness credit we will be able to take a small advantage of as hockey, soccer, and the kids Y membership works out $560/kid

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    I love the extra $60 a month we will be getting per child for Universal Childcare. It starts in January but you won't get paid til July, so that will be a nice hunk to get all at once ( I think it is $520 a kid you get in July). The income splitting will definitely help us out as well.

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    I'm curious as to how the change in Uccb will work for us in that DS1 turns 6 in April. I'm wondering if when we get the back pay, it will be reflected that he was under six for part of the year

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    I must live under a rock. I had no idea that they were changing anything, but glad that they have.
    Married 2005. DD1 2007. DD2 2011. Beta Sigma Phi 2013.
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    I'm happy about the changes because we will benefit from them.

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    Yay for income splitting! I stay home so this will help us. Extra money is always nice, we will use fitness credit...maybe will cover the HST they added to everything!!
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    Quote Originally Posted by Eleanor Rigby View Post
    I'm curious as to how the change in Uccb will work for us in that DS1 turns 6 in April. I'm wondering if when we get the back pay, it will be reflected that he was under six for part of the year
    we now will get 60 a month for over 6 - 17

    In july it will be a big back dated payment covering jan-july and then monthly after that

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    Quote Originally Posted by sittingpretty View Post
    we now will get 60 a month for over 6 - 17

    In july it will be a big back dated payment covering jan-july and then monthly after that
    Yes I know that but I'm wondering if the back payment covering January-April will be the full $100 and the rest just the $60

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    Quote Originally Posted by Eleanor Rigby View Post
    Yes I know that but I'm wondering if the back payment covering January-April will be the full $100 and the rest just the $60
    I believe it will only be the 60 dollar difference for each month.

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    Quote Originally Posted by Eleanor Rigby View Post
    I'm curious as to how the change in Uccb will work for us in that DS1 turns 6 in April. I'm wondering if when we get the back pay, it will be reflected that he was under six for part of the year
    I am quite sure it will. I think under the old system you get UCCB until the month they turn 6. The break down for you should be:

    $100 regular payment Jan - April 2015
    No payments in May or June
    In July:
    $60x4 (Jan - Apr) = $240 for the additional under 6 payment
    $60x2 (May & June) for the new $60 over 6 = $120

    Total $360 plus the new regular payment of $60 in July

    I am not positive about the last month for the current payment, so if I am wrong you may not get a payment for April, but will get the $60 in July for the April over 6 amount.
    Last edited by Pomegranate; 11-07-2014 at 01:55 PM.

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    Quote Originally Posted by Pomegranate View Post
    I am quite sure it will. I think under the old system you get UCCB until the month they turn 6. The break down for you should be:

    $100 regular payment Jan - June 2015
    In July:
    $60x4 (Jan - Apr) = $240 for the additional under 6 payment
    $60x2 (May & June) for the new $60 over 6 = $120

    Total $360 plus the new regular payment of $60 in July
    Thanks! That's what I'm hoping!

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    You are quick! I just made a change, I made a mistake with the regular payment. You probably won't get a payment in May & June because he will be six, but get the payment in July.
    Last edited by Pomegranate; 11-07-2014 at 01:57 PM.

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    OMG, I love the new income splitting and family tax benefits. Definitely voting for Harper and the Conservatives come election time next year. My work as a part-time WAHM is finally, FINALLY getting recognized.

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    I put this money into the RESP each month for both boys, plus any money from things of theirs I sell. This is great. I just worked out that if I continue to put only all of this in for the next 2 years ($220), then put it all in plus $30 of my own money ($120+30) until each boy turns 16, and the government money. That I will be able to pay for 2.5 years of university for each boy (if they pay for books, and not counting much inflation). So, any money I contribute will be extra
    Now to hope they will contribute more to universities and lower the costs for us

    Kinda sucks that a 2 parent family where dad makes $70,000 and mom stays at home, will pay less taxes than me, if it counts as each parent making $35,000. Guess I am jealous that I don't get that break - I should be allowed to income share with DS1, lol. Just Kidding.
    Last edited by melissawilliam; 11-09-2014 at 05:56 PM.

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