It will affect all of us…here are a few things you should know about the new Canadian budget.
The Universal Childcare Benefit (right now we get an Ontario one and a federal one) will now be replaced with one, non taxable benefit. The exact amount is geared to income and stops if the household income reaches $150,00.
Income splitting has been eliminated.
By 2017, there will be no more tax benefit for your kids’ sports and arts. For your 2016 tax return, you’ll get half of what you will get now.
On Tuesday, Federal Finance Minister Bill Morneau stood up in the House of Commons to table his first federal budget. While the big numbers will grab the biggest headlines (and it doesn't get much bigger than that $29.4 billion deficit), many families wonder just how this budget will affect them.