ARTICLE · 09 DECEMBER 2014

2014 Year-End Tax Planner: Looking Back To 2014 And Forward To 2015

Collins Barrow National Incorporated

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A new non-refundable tax credit of up to $2,000 was introduced to allow a higher income spouse to transfer up to $50,000 of earnings to the lower income spouse.

CanadaTax

Mark Chan

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FEDERAL HIGHLIGHTS

Income-splitting – A new non-refundable tax credit of up to $2,000 was introduced to allow a higher income spouse to transfer up to $50,000 of earnings to the lower income spouse, effective for the 2014 tax year.

Child care expenses – Effective for the 2015 tax year, the maximum amounts that can be claimed for the Child Care Expense Deduction will increase as follows:

For children under the age of 7: from $7,000 to $8,000;
For children aged 7 through 16: from $4,000 to $5,000; and
For children who are eligible for the Disability Tax Credit: from $10,000 to $11,000.

Children's fitness tax credit – Fees eligible for the children's fitness tax credit will increase to $1,000, starting with the 2014 tax year. Effective for the 2015 tax year, the tax credits will become refundable.

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