ARTICLE · 01 DECEMBER 2016

Year-End Tax Planner: Looking Back At 2016 And Forward To 2017

Collins Barrow National Incorporated

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The Canada Child Tax Benefit (CCTB) and Universal Child Care Benefit (UCCB) were replaced with the Canada Child Benefit.

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Mariya Honcharova

Sankalp Jaggi

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FEDERAL HIGHLIGHTS

Canada Child Benefit – The Canada Child Tax Benefit (CCTB) and Universal Child Care Benefit (UCCB) were replaced with the Canada Child Benefit. The Canada Child Benefit will provide a maximum benefit of $6,400 per child under the age of 6 and $5,400 per child between ages 6 and 17. The amount of the benefit will be based on combined family net income reported in the previous taxation year. The amounts received under the Canada Child Benefit are not taxable.

Children's Fitness and Arts Tax Credit – For the 2016 taxation year, the children's fitness and arts tax credit maximum eligible amount will be reduced from $1,000 to $500 and $500 to $250 respectively. Both credits will be eliminated for the 2017 and subsequent taxation years.

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