2016-2017 Federal Budget

2016-2017 Federal Budget


March 22, 2016 – Ottawa, Ontario – Department of Finance

The Minister of Finance, Bill Morneau, today tabled the new Government of Canada’s first federal budget.

Here are some highlights:

Call us at 514-954-9031
Call us at 514-954-9031

TAX MEASURES FOR INDIVIDUALS

  • Canada Child Benefit: New monthly tax-free payments starts July 1 to replace UCCB and other tax measures: up to $6,400 a year per child under 6, and $5,400 those aged 6 to 18. But this amount begins to claw back for households with an income over $30,000 and is eliminated entirely for incomes over $190,000.
  • Tax credits:Children’s arts and fitness tax credits phased out by end of 2017. But teachers get a $150 credit for teaching materials.
  • Elimination of Education and Textbook Tax Credits to eliminate the education and textbook tax credits, while leaving the tuition tax credit in place. Other income tax provisions that rely on eligibility for the education tax credit would be unaffected by the elimination of the credit effective January 1, 2017.
  • EI: Changes make it easier to qualify for benefits, and extends benefits for workers in 12 hard-hit regions. Plus: a bigger-than-expected cut in EI premiums next January.
  • Student grants: Increased 50%, to $3,000 for low-income and $1,200 for middle-income students.
  • Seniors: Guaranteed Income Supplement increased by up to $947 annually.

Addition Links:

http://www.budget.gc.ca/2016/docs/plan/toc-tdm-en.html

http://www.budget.gc.ca/2016/docs/plan/toc-tdm-fr.html

Please follow and like us:

Author: will

30+ year tax professional preparing individual tax returns for Canadians and non-residents of Canada.

Leave a Reply

Your email address will not be published. Required fields are marked *