Prime Minister Stephen Harper announced tax changes that would provide tax savings to families in Canada starting in 2014, including a new “family tax cut” credit, enhancements to the existing child-care expense deduction, universal child-care benefits, and the elimination of the child tax credit starting in 2015.
Canadian Prime Minister Stephen Harper announced tax changes that would provide tax savings to families starting in 2014. The introduction of a new “family tax cut” credit would result in income splitting tax savings of up to C$2,000 for families with children under age 18 years.
The proposals announced on October 30, 2014, also include enhancements to the existing child-care expense deduction, universal child-care benefits, and the elimination of the child tax credit, starting in 2015.
Providing that the international assignee taxpayer working in Canada has a family and children age 17 or under, he or she should be eligible for the above-mentioned new family tax cut credit, child-care expense deduction, and enhanced benefits.
|For the full description of these changes, read the TaxNewsFlash-Canada (October 30, 2014, No. 2014-46) prepared by the KPMG International member firm in Canada: “Surprise Family Tax Cuts Take Effect Now.”|
For further information or assistance, please contact your local GMS or People Services professional or Tom Nicolopoulos (tel. +1-416-777-3038, e-mail: firstname.lastname@example.org) with the KPMG International member firm in Canada.
The information contained in this newsletter was submitted by the KPMG International member firm in Canada. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.
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