The Canadian Taxpayers Federation has crunched the numbers and the federal government’s Family Tax Cut along with enhancements to the Universal Child Care Benefit will give many Canadian families a considerable tax break this year.
As part of its annual New Year’s Tax Changes report, the CTF has calculated the tax savings for families from the retroactive implementation of the FTC combined with the UCCB enhancement. An examples includes:
• $2,489 in tax savings for a two-child, one-income, two-parent family in Ontario earning $80,000 per year.
“The range is wide, from a few hundred to over $2,500, but there’s no doubt Canadian families will have more money in their pockets as a result of these changes,” said CTF Federal Director Aaron Wudrick. “Single-income, two parent households, and two-income households where earnings are most unequal, will benefit most.”
