As a result of tax reforms initiated by the Canadian Taxpayers’ Federation (CTF), Canadian families will have more money in their pockets during 2015. The calculations are contained within the CTF’s annual New Year’s Tax Changes report that considers the family tax savings from the retrospective implementation of the Family Tax Cut (FTC) and the incoming developments to the Universal Child Care Benefit (UCCB). On the basis of CTF Federal Director, 2% households with just one earner and 2-income households that have an important break between the two earners’ incomes will profit most from these changes. From 1st January 2015, parents will take a monthly benefit of CAD160 for each child below 6 years. For children aged between 6 and 17, parents will receive CAD60 per month.
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