5 New Tax Breaks for Families (Infographic)
April 24, 2015 by

Learn more about the new tax breaks that affect Canadian families this tax season.

The tax deadline for Canadians is now less than one week away, which means that if you have not filed your income tax return yet, you’re getting down to crunch time. The Winstanely Business Advisors team is here to help you in any way that we can, whether that’s providing you with timely reminders, directing you to the information that you need, or assisting you in filing your taxes.

Raising a family in Canada is costly. According to the below infographic, 5 New Tax Breaks for Families, the cost of raising one child to the age of 18 can cost over $240,000. With that in mind, we’d like to direct your attention to some excellent information, as provided by the below infographic from TurboTax. It covers the tax credits and savers that were announced in 2014 by the Canada Revenue Agency (CRA). Below, you will find information detailing the recent changes to, or the introduction of, the following tax breaks:

  • The Universal Child Care Benefit (UCCB)
  • The Family Tax Cut
  • The Children’s Fitness Tax Credit
  • Adoption Expenses
  • The Child Care Expenses Deduction

Read on to learn more!

Child-Tax-Credits-FINAL

(Infographic via TurboTax)