How This Budget Cares
Originally posted @allaboutestates.ca
Caring for our loved ones while satisfying and fulfilling can be expensive both emotionally and financially. Understanding needs, costs and tax relief are all important to saving money. Today’s blog provides some caring highlights from the 2017 Federal Budget.
1. Three current tax credits have been replaced with the proposed Canada Caregiver Credit. This non refundable credit applies to caregivers whether or not they live with their family member, and help with families with caregiving responsibilities.
The budget highlight below, which is quoted from the Government of Canada website provides the following easy to understand description:
Infirm Dependant Credit
Income phase-out range: $6,902-$13,785
Maximum credit amount: $6,883
Income phase-out range: $16,163-$20,895
(for persons with infirmities/disabilities: $16,163-$23,045)
Maximum credit amount: $4,732 (if infirm $6,882)
Family Caregiver Tax Credit
Income phase-out range: variable
Maximum credit amount: $2,150
Proposed New Credit
Canada Caregiver Credit:
Income phase-out range: $16,163-$23,046
Maximum credit amount:
$6,883 for care expenses of dependent relatives including parents, siblings, adult children and other specific relatives.
$2,150 in respect of expenses for spouses/common-law partners and minor children
2. Another change is that Nurse practitioners can now certify application forms for people applying for the disability tax credit.
3. As well, there is a new Employment Insurance caregiving benefit which is for those who are caring for a family member with any serious illness or injury. It offers 15 weeks of leave from work at 55 per cent salary. Previously the benefit was intended for those with a family member near the end of life.
Steps in the right direction, now caregivers continue to wait for Bill C-233: A National Strategy on Alzheimer’s Disease and Other Dementias which by the way, is at the Senate at first reading.Leave a reply