David Tilson, MP — Government has introduced a lot of tax cuts to help Canadian families : Caledon Citizen : https://caledoncitizen.com

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David Tilson, MP — Government has introduced a lot of tax cuts to help Canadian families

Hard-working Canadians know what it takes to support a family — dedication, time and energy.
It's also certainly a plus to have savings in the bank. This is why our government continues to help Canadian families save in a number of different ways. In fact, in doing so, we've cut taxes more than 140 times since 2006.
This action is helping the average Canadian family of four save more than $3,100 a year. Combined with our government's Universal Child Care Benefit (UCCB), the average family could save $5,500. But just how are families able to save this much?
The answer is, in part, due to many of our government's popular tax credits. Our Child Tax Credit provides personal income tax relief of more than $300 for each child under the age of 18 for the 2012 tax year. The Children's Fitness Tax Credit and the Children's Arts Tax Credit each save families $75 per child younger than 16 for activities such as soccer, hockey, ballet, and artistic and cultural activities respectively.
Newly available on your 2012 tax return is our government's Family Caregiver Tax Credit. This is welcomed relief for those families with infirm relatives in their care. We've also increased the maximum annual Child Disability Benefit for low and moderate-income families, while extending the benefit to ensure more families can be eligible for it in the first place.
All these initiatives, combined with countless others, are making a real difference. Just a few of the additional tax credits we've introduced include the Textbook Tax Credit, which delivers $65 for each month of full-time post-secondary education; the Public Transit Tax Credit, a tax credit of 15 per cent against the cost of a monthly or yearly public transit pass; the Apprenticeship Job Creation Tax Credit, a tax credit for employers equivalent to 10 per cent of the salaries and wages paid to the apprentice; the Volunteer Firefighters Tax Credit, a credit on an amount of $3,000 for volunteer firefighters who perform at least 200 hours of service a year; and the First-Time Home Buyers Tax Credit, which saves Canadians up to $750 on qualifying home purchases.
On top of all this, we can't forget our government lowered the GST from seven to six to five per cent. This action alone saves the average family more than $900 a year. We've lowered personal income taxes for all Canadians and our landmark Tax-Free Savings Account is delivering yet another savings vehicle for families who want to save for a vacation, a new car or just a rainy day.
Going forward, our government will remain committed to supporting Canadian families. Reducing taxes for families allows Canadians to meet the financial challenges of raising a family, while also helping deliver savings that can be taken all the way to the bank.

Post date: 2013-04-03 18:16:27
Post date GMT: 2013-04-03 22:16:27
Post modified date: 2013-04-03 18:16:27
Post modified date GMT: 2013-04-03 22:16:27