Harper announces another $4.6B in family and child benefits. What did seniors and singles get out of it? ... The Bill!

Recently, Harper announced another $4.6B in tax credits and subsidies for families with children. This is on top of the $17.5B that will be spent on these two classifications by the end of this year.

In case you missed it, Harper announced two big changes in family and child benefits. The first is a tax credit, worth up to $2,000, calculated by letting the higher-earning spouse in a couple with kids transfer up to $50,000 of income to the lower-earning spouse. In total, Canadian families will pay $1.9 billion less in taxes as a result of this income-splitting measure in 2015-16.

The second is a boost to the so-called Universal Child Care Benefit, from $100 to $160 a month for each child under the age of six, as well as a new $60-a-month payment for each kid aged six to 17. This measure will cost Ottawa an estimated $2.6 billion in 2015-16.

Harper also announced a hike to the deduction for child care expenses, to $8,000 a year from $7,000, which is, no doubt, of great interest to moms and dads paying for daycare, but overall, this measure is expected to amount to only about $65 million for 200,000 tax-paying families.

Total expenditure = $4.6 BILLION

To see the full article, goto: https://ca.news.yahoo.com/sorting-out-who-wins-with-harper-s-family-tax-package-004412765.html