Given that
seniors have been left out of this forthcoming Ontario election altogether
(except as cash cows) I thought that I would take a moment to summarize just what
has been awarded to children (and their parents) in 2014 alone.*
*Bear in
mind that this is in addition to the billions that have already been earmarked
for child benefits without even mentioning education.
1.
More
money for kids – In her aborted 2014 budget, Kathleen Wynne proposed
tying Ontario Child
Benefit to inflation; allowing more kids to access dental service and school
nutrition programs; and increasing social assistance. In addition, she proposed
a hike in child-care/personal support workers wages and minimum wage. But not one red cent for senior
Dalton
McGuinty never saw a child he couldn’t spend money on, and it appears Kathleen
Wynne is her master’s apprentice.
And in his
last budget, Jim Flaherty (former Minister of Finance) opened up the piggy bank
to buy baby a new pair of shoes—i.e. Kardashian’s:-
2. Eligible dependent: If you’re a single parent raising
kids, you can qualify for a $10,320 credit that becomes a tax savings of around $1,500.
The credit is designed to give lone parents a tax break similar to what married
couples get.
3. Children’s arts credit: Got a budding da Vinci in your
brood? Creativity pays! You’re eligible for a$500 per child credit
for a variety of artistic, cultural, recreational and developmental activities.
So now you can afford to buy little Sophie some paper and an easel, rather than
have her do her own interpretation of the Sistine Chapel on your walls.
4. Education tax credit: Full-time and part-time students are
eligible for a basic credit, and since they usually don’t have big incomes,
most of the credit ($5,000 minus the amount the student claimed on
her tax return) can be transferred to parents. The rules apply to tuition,
textbook and other education expenses (sadly, though, you cannot claim for all
the beer your student consumed while at weekend “study sessions”).
5. Transit pass credit: Tired of your kids borrowing the car
and returning it with an empty gas tank and a few extra dents? Tell ’em to take
the bus from now on! Monthly and yearly passes for your dependent children up
to age 19 can be claimed. Passes for streetcars, subways, commuter trains and
local ferries count too. (Just don’t try to claim ferry fare if you live in a
land-locked city.)
6. Universal Child Care Benefit: Here’s some more cash you may
qualify for: $100 per month per child under the age of 6. The
benefit is designed to help families “as they try to balance work and family
life,” say the feds, “by supporting their child care choices through direct
financial support.” You know what would really help us balance work and children?
Less of each, and more cash. Hey, we can dream.
7. First Time Home Buyers Tax Credit: Not everyone can be like The Old
Woman Who Lived in a Shoe (and besides, have you seen the price of shoes these
days?). So here’s what to do if you need more space now that kids are here (or
on the way): if this is your first home purchase, claim the $5,000 non-refundable
tax credit.
8. Children’s fitness credit: There’s only one Sidney Crosby, but
who’s to say your little hockey whiz can’t be the next NHL superstar? Signing
your under-16 kids up for organized physical activity such as hockey qualifies
you for a credit of up to $500 in costs per child. The feds created
this break to promote physical fitness and reduce future health care costs.
Your bigger incentive? A cut of the next multi-million-dollar Sidney
Crosby-like salary!
9. Family caregiver tax credit: We’re keeping our fingers crossed
that you never need to apply for this one. It provides a $2,000
non-refundable credit for parents who provide ongoing care for their
minor child with a physical or mental illness. You’ll need to provide a letter
from a medical doctor stating when the impairment began and how long it is
expected to last.
10.
Child
tax credit: For
every child you have under age 18 (19 in Saskatchewan) the federal government
allows a credit. It varies by year; in 2012, it was $2,191.
Remember, though, that it’s a credit, not a straight deduction. Do the math and
you’ll see that it translates into a tax savings of about $329 per
kid – or about what you spend on tutors so Sandy can get through math at school
without the help of his iPhone.
11.
Child
care expenses: This
deduction covers costs such as daycare, summer camps, sitters, after-school
programs and boarding schools. It can even include the expense of advertising
to find child care. You can claim for a child up to 16, as long as the person
providing the care isn’t a blood relative (i.e. you can’t pay your spouse to
look after your own children, even though he may want danger pay for spending
the day cooped up with them in the
12.
Canadian
Child Tax Benefit: Yep,
the feds actually pay us for reproducing. This tax-free monthly payment arrives
in your bank account every month until your offspring turn 18. The basic benefit
is $1,433 ($119.41 a month) but the size of the cheque you get depends on your
income, what province you live in, and the number of kids you have. At that
rate, not even Octomom would get rich.
13.
Adoption
tax credit: If
you incur out of pocket expenses while adopting a child, you’re eligible for a
tax credit. Costs of up to $11,440 per child can be covered.
If the child has special needs you can claim the full amount; otherwise, how
much you save depends on how much you spend. Whatever the amount, the real
benefit comes from giving someone a new family life – and that’s priceless.
14.
Addendum: Having seemingly run out of children
and causes in Canada, today (May 30, 2014) Harper pledged $3.5 billion for
programs aimed at improving maternal and newborn health in developing countries.
The
funding promise was made on the second of a three-day international conference
on the subject and is a continuation of funds previously committed as part of
the Millenium Development Goals - a pact among eight developed countries to
tackle global challenges including access to clean drinking water, combating
HIV/AIDS, as well as high numbers of preventable deaths among women and
children.
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