NATIONAL Revenue Minister Kerry-Lynne D. Findlay and Finance Parliamentary Secretary Andrew Saxton on Monday celebrated the first installment of the Harper Government’s boosted Universal Child Care Benefit (UCCB). The newly increased child care benefit pays almost $2,000 every year for each child under 6 and $720 for each aged child 6 through 17. With a retroactive payment from January 1, 2015, the government transferred almost $3 billion to 3.8 million families on Monday today, boasting about the largest single-day direct payment to families in history.
Starting Monday, payments of $520 for each child under 6, and $420 for each aged child 6 through 17 would be delivered to families across Canada. That means a family with two kids should receive as much as $1,000. Parents can spend this money on anything they choose.
About 3.8 million families will benefit from the boosted UCCB—double the number of families that previously qualified. While the majority of families in Canada are waking up to this welcomed boost to their bank accounts, an estimated 200,000 families may have missed out because they did not apply. Families that are not currently receiving the UCCB, that have never received the UCCB, or that have never applied for the Canada Child Tax Benefit and have children under 18 in their care are encouraged to go to www.canada.ca/taxsavings to find out how to apply.
In addition to the boosted UCCB, families recently received nearly $2 billion in tax refunds this spring through the Family Tax Cut. 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. Payments to families will also continue under the Child Tax Benefit, which remains unchanged.
“The Government of Canada has balanced the budget and now we are helping you with yours. Today, moms and dads in Vancouver and across Canada are getting a boost to their bank accounts through the increased UCCB payment,” said Findlay.
“Today, our Government is pleased to announce the increased UCCB payment that is going into the pockets of Canadian families with children under 18. This is great news for families in North Vancouver and from coast to coast, who can take advantage of this increased family budget to make decisions that are right for them. Be sure to check that you get yours,” said Saxton.
Quick Facts:
* Approximately $349 million in UCCB payments was sent out today to 466,000 families in the province of British Columbia.
* All families with children will benefit from the new Family Tax Cuts and Benefits Plan, which includes the Family Tax Cut, the increased UCCB, the Child Care Expenses Deduction and the Children’s Fitness Tax Credit.
* The UCCB has increased to $160 per month from $100 per month for each child under the age of 6, and a new benefit of $60 per month has been introduced for each child aged 6 through 17.
* Combined with tax relief and other measures for families introduced 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.
* Approximately 1.2 million cheques were sent to families across Canada. The remaining UCCB payments were made via direct deposit, for a total of more than 3.8 million payments.
* Low- and middle-income families will receive two-thirds of the overall benefits provided by the Government of Canada’s new family measures.
* The Family Tax Cut will eliminate or significantly reduce the difference in the federal tax payable by a one-earner couple relative to a two-earner couple with a similar family income.
