Harper Government low-tax plan to support economic growth amid global instability
OTTAWA, July 12, 2015 /CNW/ - Employment and Social Development Minister Pierre Poilievre and Member of Parliament Royal Galipeau (Ottawa-Orléans) announced today that the Harper Government will transfer almost $3 billion to families and the economy on Monday, July 20. On that single day, the lump-sum Universal Child Care Benefit payment will land in almost 4 million mailboxes or bank accounts, totaling over $2.986 billion, the biggest single one-time payout in history.
A family with two kids will receive as much as $1,000 in a single day under the Harper Government's Universal Child Care Benefit (UCCB). Parents may spend this money on child care services, back-to-school supplies, sports activities and much more, boosting the economy and creating jobs across Canada.
Under the boosted UCCB, families will receive almost $2,000 per year for each child under 6 and $720 per year for each child aged 6 through 17. The new benefit amounts will be retroactive to January 1, 2015, and be reflected in monthly payments. That means families will receive payments of about $520 for each child under 6 and $420 for each child 6 through 17 on July 20. The boosted UCCB will benefit almost 4 million families—double the number of families that previously benefited from the program.
This is on top of the nearly $2 billion Family Tax Cut that went to families in the form of tax refunds this spring. The Family Tax Cut allows couples with children under 18 to split their income and reduce their tax burden by as much as $2,000. In addition, payments will continue under the Child Tax Benefit, which remains unchanged.
If a family is not currently receiving the UCCB, has never received the UCCB, or has never applied for the Canada Child Tax Benefit and still has children under 18 in their care, they should go to www.canada.ca/taxsavings to find out how they can apply.
- All families with children under 18 will benefit from the new Family Tax Cuts and Benefits, which includes the Family Tax Cut as well as enhancements to the UCCB, Child Care Expenses Deduction and Children's Fitness Tax Credit.
- Combined with other actions taken by the Government of Canada since 2006, a typical family of four can receive up to $6,600 in tax relief and enhanced benefits in 2015.
- Low- and middle-income families will receive two-thirds of the overall benefits provided by the Government of Canada's new family measures.
"Canada has created 1.2 million net new jobs through training, trade and tax cuts. This new cash injection will help families, build consumer demand and create more jobs. If you've got kids under 18, you qualify. It doesn't matter how much you make or the type of child care you choose."
– The Honourable Pierre Poilievre, Minister of Employment and Social Development
SOURCE Canada's Economic Action Plan