Ritz talks tax cuts

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March 5, 2015 8:15 AM

Battlefords-Lloydminster MP Gerry Ritz touched on a number of topics at the Lloydminster Golf and Curling Centre during a breakfast event put on by the Lloydminster Chamber of Commerce. - Jaime Polmateer Photo

MP says all Canadians are benefitting from changes to tax structure

Gerry Ritz, MP for Battlefords-Lloydminster, spoke at the Lloydminster Golf and Curling Club on March 4 where he covered a number of topics including government tax cuts for Canadian families.

He said the current government has done more for the family budget than any other government has in decades.

“We continue to put more money into the hands of those who care about our children the most and that’s, of course, the parents,” said Ritz. “Last fall we introduced further measures to let Canadian families keep more of their hard earned dollars.”

Ritz mentioned the increase in the Universal Child Care Benefit (UCCB) for children under the age of six. Since January parents will receive a benefit of $160 a month for each child under that age. This is an increase from the original $100 per month and amounts to a total of $1,920 per child per year.

Beyond this increase they are also expanding the UCCB, so parents will now receive $60 per month for children aged six to 17. With this new expansion parents will get an additional $720 per child per year.

“And we introduced the family tax cut. This non-refundable tax credit will allow a spouse to in effect transfer $50,000 in taxable income to a spouse in a lower tax bracket,” Ritz explained. “The credit will provide tax relief of $2,000 for couples with minor children effectively for the 2014 taxation year, that means it’s retroactive.”

The government is also boosting the Child Care Expense Deduction (CCED) by $1000 which will be effective for the 2015 taxation year. Ritz said these measures are in addition to the doubling of the Children’s Fitness Tax Credit and that the prime minister announced last month that the enhanced UCCB will replace the existing child tax credit in 2015 and subsequent taxation years.

“It sounds like it takes an accountant to look after all this, but certainly they’ll have all of these measures in place when you fill out your taxes for this year,” said Ritz.

“This tax relief will benefit some four million Canadian families directly. Low- and middle-income families will receive two thirds of the overall benefits that I just outlined.”

According to Ritz, Canadians of all income brackets are presently benefitting from the federal tax measures introduced since 2006 and the government plans to continue with that success.

“These proposals are the latest examples of how government is delivering real tax relief for real Canadian families,” Ritz said.

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