News Column

The Harper Government's Low-Tax Plan is Benefitting Canadian Families

Sep 9 2013 12:00AM

Marketwire

LogoTracker

WINNIPEG, MANITOBA -- (Marketwired) -- 09/09/13 -- The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, and M.P. Joyce Bateman (Winnipeg South Centre) today highlighted the benefits of the family tax measures introduced by the Harper Government, including the Children's Arts and Fitness Tax Credits, the First-Time Home Buyers' Tax Credit, the Family Caregiver Tax Credit, and the Tax-Free Savings Account.

"Our Government is committed to supporting Canadian families by keeping taxes low," said Minister Findlay. "These tax relief measures continue to help Canadian families keep more of their hard-earned money."

The Harper Government's strong record of providing tax relief to Canadians is delivering real results. The average family of four now saves more than $3,200 annually in taxes, including an average of $1,000 from reducing the Goods and Services Tax (GST) rate by two percentage points.

These tax relief measures include:

-- The Children's Fitness Tax Credit allows eligible Canadian families to claim a 15 per cent non-refundable tax credit on an amount up to $500 for the cost of registering a child in eligible physical activity programs, such as soccer or hockey teams. For the 2011 tax year, over 1.5 million families took advantage of the Children's Fitness Tax Credit.-- The Children's Arts Tax Credit allows eligible Canadian families to claim a 15 per cent non-refundable tax credit on an amount up to $500 for the cost of registering a child in eligible artistic, cultural, or other programs, such as music lessons or tutoring. Over 460,000 families claimed the Children's Arts Tax Credit in the 2011 tax year.-- The Family Caregiver Tax Credit is a 15 per cent non-refundable tax credit on an amount of $2,000 that provides tax relief to caregivers of infirm dependent relatives. This includes, for the first time, infirm spouses, common-law partners, and minor children. Canadians were able to claim this new, non-refundable tax credit for the first time when filing their 2012 taxes.-- The First-Time Home Buyers' Tax Credit - Assists first-time home buyers with the costs associated with the purchase of a home, such as legal fees and other costs. Canadians can claim $5,000 for the purchase of a qualifying home.-- The Tax Free Savings Account (TFSA) - Allows all Canadians to earn tax- free income through a range of investment products. TFSAs have become increasingly popular, with more than 9 million Canadians having opened an account and roughly 2.5 million Canadians contributing the maximum in 2011. Canadians can contribute $5,500 to their TFSAs annually.



"I'm happy that so many families across the country and right here in Winnipeg are benefitting from the tax savings provided by these family credits," said MP Bateman. "I am convinced that more families will take advantage of these important programs in 2013. Our Government will continue to support hard-working Canadians."

To find out if your child's program is eligible for the Children's Fitness Tax Credit, go to www.cra.gc.ca/fitness. For the Children's Arts Tax Credit, go to www.cra.gc.ca/artscredit.

To find out if you are eligible for the First-Time Home Buyers' Tax Credit, go to www.cra.gc.ca/hbtc.

For more information on the Family Caregiver Tax Credit, go to www.cra.gc.ca/familycaregiver.

To find out how to open a Tax-Free Savings Account, go to www.cra.gc.ca/tfsa.

The Canada Revenue Agency encourages Canadians to sign up for direct deposit, since the Government of Canada will phase out cheques by April 2016. Sign up now at www.cra.gc.ca/directdeposit.

FOR BROADCAST USE:

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, and M.P. Joyce Bateman (Winnipeg South Centre) highlighted the benefits of family tax measures introduced by the Harper Government such as the Children's Arts and Fitness Tax Credits, the First-Time Home Buyers' Tax Credit, the Family Caregiver Tax Credit, and the Tax-Free Savings Account. Minister Findlay encouraged Canadian families take advantage of these available tax measures.

Stay connected

To receive updates when new information is added to our Web site:

- Follow the CRA on Twitter - @CanRevAgency.

- Subscribe to a CRA electronic mailing list.

- Add our RSS feeds to your feed reader.

You can also watch our tax-related videos on YouTube.



Contacts:
Noel Carisse
Media Relations
Canada Revenue Agency
613-952-9184

Julie Carmichael
Director of Communications
Office of the Minister of National Revenue
613-995-2960





Source: Marketwire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters