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1 | Illustrative Scenarios for the Family Tax Relief and Benefit Package in 2015 | |||||||||||||||||||||||||
2 | (Families with One Child under 6) | |||||||||||||||||||||||||
3 | Family Income (before Universal Child Benefit): | Family Income (before Universal Child Benefit): | Family Income (before Universal Child Benefit): | Family Income (before Universal Child Benefit): $30,000 | Family Income (before Universal Child Benefit): $50,000 | |||||||||||||||||||||
4 | $60,000 | $120,000 | $200,000 | |||||||||||||||||||||||
5 | One-earner couple | Two-earner couple (80%/20%) | Two-earner couple (60%/40%) | One-earner couple | Two-earner couple (80%/20%) | Two-earner couple (60%/40%) | One-earner couple | Two-earner couple | Two-earner couple | Single Parent | Single Parent | |||||||||||||||
6 | (80%/20%) | (60%/40%) | ||||||||||||||||||||||||
7 | Spouse 1: $60,000 Spouse 2: $0 | Spouse 1: | Spouse 1: $36,000 Spouse 2: $24,000 | Spouse 1: $120,000 Spouse 2: | Spouse 1: | Spouse 1: | Spouse 1: $200,000 | Spouse 1: $160,000 | Spouse 1: $120,000 | $30,000 | $50,000 | |||||||||||||||
8 | $48,000 | $0 | $96,000 | $72,000 | Spouse 2: $0 | Spouse 2: $40,000 | Spouse 2: | |||||||||||||||||||
9 | Spouse 2: | Spouse 2: | Spouse 2: | $80,000 | ||||||||||||||||||||||
10 | $12,000 | $24,000 | $48,000 | |||||||||||||||||||||||
11 | New Universal Child Benefit ($60/month) | $720 | $720 | $720 | $720 | $720 | $720 | $720 | $720 | $720 | $720 | $720 | ||||||||||||||
12 | Minus: | $108 | $108 | $108 | $108 | $108 | $108 | $108 | $108 | $158 | $108 | $108 | ||||||||||||||
13 | Federal tax* | |||||||||||||||||||||||||
14 | Repeal of the Child | $344 | $344 | $344 | $344 | $344 | $344 | $344 | $344 | $344 | - | $344 | ||||||||||||||
15 | Tax Credit | |||||||||||||||||||||||||
16 | Total | $268 | $268 | $268 | $268 | $268 | $268 | $268 | $268 | $218 | $612 | $268 | ||||||||||||||
17 | A $1,000 increase in the maximum amounts that can be claimed under the Child Care Expense Deduction | - | $150 | $150 | - | $150 | $150 | - | $150 | $220 | - | $150 | ||||||||||||||
18 | Children’s Fitness Tax Credit Enhancement | $75 | $75 | $75 | $75 | $75 | $75 | $75 | $75 | $75 | $150 | $75 | ||||||||||||||
19 | Family Tax Cut | $1,071 | $500 | $0 | $2,000 | $2,000 | $195 | $2,000 | $2,000 | $619 | - | - | ||||||||||||||
20 | Total Relief/Benefits | $1,414 | $993 | $493 | $2,343 | $2,493 | $688 | $2,343 | $2,493 | $1,132 | $762 | $493 | ||||||||||||||
21 | Federal Tax Paid in Absence of Changes** | $5,742 | $3,906 | $3,406 | $20,166 | $16,084 | $13,894 | $42,808 | $35,603 | $32,489 | - | $2,155 | ||||||||||||||
22 | Relief as share of tax paid (%) | 25% | 25% | 14% | 12% | 15% | 5% | 5% | 7% | 3% | - | 23% | ||||||||||||||
23 | ||||||||||||||||||||||||||
24 | Note: The lower-earning spouse is receiving the Universal Child Benefit, which is taxable. It is assumed that the two-earner families and single parents are constrained by the current Child Care Expense Deduction limits and are able to benefit from the full enhancements to them for all children. It is assumed that families fully benefit from the enhancements to the Children’s Fitness Tax Credit. The relief presented under the Family Tax Cut accounts for the small interaction effects between this credit, the new Universal Child Benefit and the enhancement to the Child Care Expense Deduction. | |||||||||||||||||||||||||
25 | * Provincial taxes would also have to be paid on the new UCB. | |||||||||||||||||||||||||
26 | ** The calculation assumes no other deductions that would reduce taxable income (other than the CCED). It also assumed that the family claims the Basic Personal Amount (and the Spousal Amount and Eligible Dependent Amount when applicable), the Canada Pension Plan credit, the Employment Insurance credit, the Canada Employment Credit, the Child Tax Credit and the Children’s Fitness Tax Credit. | |||||||||||||||||||||||||
27 | ||||||||||||||||||||||||||
28 | Illustrative Scenarios for the Family Tax Relief and Benefit Package in 2015 | |||||||||||||||||||||||||
29 | (Families with Two Children – one child under 6 and one child between 6 and 16) | |||||||||||||||||||||||||
30 | Family Income (before Universal Child Benefit): | Family Income (before Universal Child Benefit): | Family Income (before Universal Child Benefit): | Family Income (before Universal Child Benefit): $30,000 | Family Income (before Universal Child Benefit): $50,000 | |||||||||||||||||||||
31 | $60,000 | $120,000 | $200,000 | |||||||||||||||||||||||
32 | One-earner couple | Two-earner couple (80%/20%) | Two-earner couple (60%/40%) | One-earner couple | Two-earner couple (80%/20%) | Two-earner couple (60%/40%) | One-earner couple | Two-earner couple | Two-earner couple | Single Parent | Single Parent | |||||||||||||||
33 | (80%/20%) | (60%/40%) | ||||||||||||||||||||||||
34 | Spouse 1: $60,000 Spouse 2: $0 | Spouse 1: | Spouse 1: $36,000 Spouse 2: $24,000 | Spouse 1: $120,000 Spouse 2: | Spouse 1: | Spouse 1: | Spouse 1: $200,000 | Spouse 1: $160,000 | Spouse 1: $120,000 | $30,000 | $50,000 | |||||||||||||||
35 | $48,000 | $0 | $96,000 | $72,000 | Spouse 2: $0 | Spouse 2: $40,000 | Spouse 2: | |||||||||||||||||||
36 | Spouse 2: | Spouse 2: | Spouse 2: | $80,000 | ||||||||||||||||||||||
37 | $12,000 | $24,000 | $48,000 | |||||||||||||||||||||||
38 | New Universal Child Benefit ($60/month) | $1,440 | $1,440 | $1,440 | $1,440 | $1,440 | $1,440 | $1,440 | $1,440 | $1,440 | $1,440 | $1,440 | ||||||||||||||
39 | Minus: | $216 | $216 | $216 | $216 | $216 | $216 | $216 | $216 | $317 | $216 | $216 | ||||||||||||||
40 | Federal tax* | |||||||||||||||||||||||||
41 | Repeal of the Child | $688 | $688 | $688 | $688 | $688 | $688 | $688 | $688 | $688 | - | $688 | ||||||||||||||
42 | Tax Credit | |||||||||||||||||||||||||
43 | Total | $536 | $536 | $536 | $536 | $536 | $536 | $536 | $536 | $435 | $1,224 | $536 | ||||||||||||||
44 | A $1,000 increase in the maximum amounts that can be claimed under the Child Care Expense Deduction | - | - | $300 | - | $300 | $300 | - | $300 | $440 | - | $300 | ||||||||||||||
45 | Children’s Fitness Tax Credit Enhancement | $150 | $150 | $150 | $150 | $150 | $150 | $150 | $150 | $150 | $300 | $150 | ||||||||||||||
46 | Family Tax Cut | $1,071 | $500 | $45 | $2,000 | $2,000 | $494 | $2,000 | $2,000 | $790 | - | - | ||||||||||||||
47 | Total Relief/Benefits | $1,757 | $1,186 | $1,031 | $2,686 | $2,986 | $1,480 | $2,686 | $2,986 | $1,815 | $1,524 | $986 | ||||||||||||||
48 | Federal Tax Paid in Absence of Changes** | $5,323 | $3,337 | $2,387 | $19,747 | $15,065 | $12,875 | $42,389 | $34,584 | $31,190 | - | $1,136 | ||||||||||||||
49 | ||||||||||||||||||||||||||
50 | Relief as share of federal tax paid (%) | 33% | 36% | 43% | 14% | 20% | 11% | 6% | 9% | 6% | - | 87% | ||||||||||||||
51 | ||||||||||||||||||||||||||
52 | Note: The lower-earning spouse is receiving the Universal Child Benefit, which is taxable. It is assumed that the two-earner families and single parents are constrained by the current Child Care Expense Deduction limits and are able to benefit from the full enhancements to them for all children. It is assumed that families fully benefit from the enhancements to the Children’s Fitness Tax Credit. The relief presented under the Family Tax Cut accounts for the small interaction effects between this credit, the new Universal Child Benefit and the enhancement to the Child Care Expense Deduction. | |||||||||||||||||||||||||
53 | * Provincial taxes would also have to be paid on the new UCB. | |||||||||||||||||||||||||
54 | ** The calculation assumes no other deductions that would reduce taxable income (other than the CCED). It also assumed that the family claims the Basic Personal Amount (and the Spousal Amount and Eligible Dependent Amount when applicable), the Canada Pension Plan credit, the Employment Insurance credit, the Canada Employment Credit, the Child Tax Credit and the Children’s Fitness Tax Credit. | |||||||||||||||||||||||||
55 | ||||||||||||||||||||||||||
56 | Illustrative Scenarios for the Family Tax Relief and Benefit Package in 2015 | |||||||||||||||||||||||||
57 | (Families with Three Children – two children under 6 and one child between 6 and 16) | |||||||||||||||||||||||||
58 | Family Income (before Universal Child Benefit): | Family Income (before Universal Child Benefit): | Family Income (before Universal Child Benefit): | Family Income (before Universal Child Benefit): $30,000 | Family Income (before Universal Child Benefit): $50,000 | |||||||||||||||||||||
59 | $60,000 | $120,000 | $200,000 | |||||||||||||||||||||||
60 | One-earner couple | Two-earner couple (80%/20%) | Two-earner couple (60%/40%) | One-earner couple | Two-earner couple (80%/20%) | Two-earner couple (60%/40%) | One-earner couple | Two-earner couple | Two-earner couple | Single Parent | Single Parent | |||||||||||||||
61 | (80%/20%) | (60%/40%) | ||||||||||||||||||||||||
62 | Spouse 1: $60,000 Spouse 2: $0 | Spouse 1: | Spouse 1: $36,000 Spouse 2: $24,000 | Spouse 1: $120,000 Spouse 2: | Spouse 1: | Spouse 1: | Spouse 1: $200,000 | Spouse 1: $160,000 | Spouse 1: $120,000 | $30,000 | $50,000 | |||||||||||||||
63 | $48,000 | $0 | $96,000 | $72,000 | Spouse 2: $0 | Spouse 2: $40,000 | Spouse 2: | |||||||||||||||||||
64 | Spouse 2: | Spouse 2: | Spouse 2: | $80,000 | ||||||||||||||||||||||
65 | $12,000 | $24,000 | $48,000 | |||||||||||||||||||||||
66 | New Universal Child Benefit ($60/month) | $2,160 | $2,160 | $2,160 | $2,160 | $2,160 | $2,160 | $2,160 | $2,160 | $2,160 | $2,160 | $2,160 | ||||||||||||||
67 | Minus: | $324 | $324 | $324 | $324 | $324 | $324 | $324 | $324 | $475 | $324 | $324 | ||||||||||||||
68 | Federal tax* | |||||||||||||||||||||||||
69 | Repeal of the Child | $1,032 | $1,032 | $1,032 | $1,032 | $1,032 | $1,032 | $1,032 | $1,032 | $1,032 | - | $978 | ||||||||||||||
70 | Tax Credit | |||||||||||||||||||||||||
71 | Total | $804 | $804 | $804 | $804 | $804 | $804 | $804 | $804 | $653 | $1,836 | $858 | ||||||||||||||
72 | A $1,000 increase in the maximum amounts that can be claimed under the Child Care Expense Deduction | - | - | - | - | - | $450 | - | $450 | $660 | - | $450 | ||||||||||||||
73 | Children’s Fitness Tax Credit Enhancement | $225 | $225 | $225 | $225 | $225 | $225 | $225 | $225 | $225 | $450 | $225 | ||||||||||||||
74 | Family Tax Cut | $1,071 | $500 | $207 | $2,000 | $2,000 | $920 | $2,000 | $2,000 | $1,034 | - | - | ||||||||||||||
75 | Total Relief/Benefits | $2,100 | $1,529 | $1,236 | $3,029 | $3,029 | $2,399 | $3,029 | $3,479 | $2,572 | $2,286 | $1,533 | ||||||||||||||
76 | Tax Paid in Absence of Changes** | $5,084 | $3,098 | $1,790 | $19,508 | $14,468 | $11,586 | $42,150 | $33,295 | $29,495 | - | - | ||||||||||||||
77 | Relief as share of federal tax paid (%) | 41% | 49% | 69% | 16% | 21% | 21% | 7% | 10% | 9% | - | - | ||||||||||||||
78 | ||||||||||||||||||||||||||
79 | Note: The lower-earning spouse is receiving the Universal Child Benefit, which is taxable. It is assumed that the two-earner families and single parents are constrained by the current Child Care Expense Deduction limits and are able to benefit from the full enhancements to them for all children. It is assumed that families fully benefit from the enhancements to the Children’s Fitness Tax Credit. The relief presented under the Family Tax Cut accounts for the small interaction effects between this credit, the new Universal Child Benefit and the enhancement to the Child Care Expense Deduction. | |||||||||||||||||||||||||
80 | * Provincial taxes would also have to be paid on the new UCB. | |||||||||||||||||||||||||
81 | ** The calculation assumes no other deductions that would reduce taxable income (other than the CCED). It also assumed that the family claims the Basic Personal Amount (and the Spousal Amount and Eligible Dependent Amount when applicable), the Canada Pension Plan credit, the Employment Insurance credit, the Canada Employment Credit, the Child Tax Credit and the Children’s Fitness Tax Credit. | |||||||||||||||||||||||||
82 | ||||||||||||||||||||||||||
83 | Illustrative Scenarios for the Family Tax Relief and Benefit Package in 2015 | |||||||||||||||||||||||||
84 | (Families with Four Children – two children under 6 and two children between 6 and 16) | |||||||||||||||||||||||||
85 | Family Income (before Universal Child Benefit): | Family Income (before Universal Child Benefit): | Family Income (before Universal Child Benefit): | Family Income (before Universal Child Benefit): $30,000 | Family Income (before Universal Child Benefit): $50,000 | |||||||||||||||||||||
86 | $60,000 | $120,000 | $200,000 | |||||||||||||||||||||||
87 | One-earner couple | Two-earner couple (80%/20%) | Two-earner couple (60%/40%) | One-earner couple | Two-earner couple (80%/20%) | Two-earner couple (60%/40%) | One-earner couple | Two-earner couple | Two-earner couple | Single Parent | Single Parent | |||||||||||||||
88 | (80%/20%) | (60%/40%) | ||||||||||||||||||||||||
89 | Spouse 1: $60,000 Spouse 2: $0 | Spouse 1: | Spouse 1: $36,000 Spouse 2: $24,000 | Spouse 1: $120,000 Spouse 2: | Spouse 1: | Spouse 1: | Spouse 1: $200,000 | Spouse 1: $160,000 | Spouse 1: $120,000 | $30,000 | $50,000 | |||||||||||||||
90 | $48,000 | $0 | $96,000 | $72,000 | Spouse 2: $0 | Spouse 2: $40,000 | Spouse 2: | |||||||||||||||||||
91 | Spouse 2: | Spouse 2: | Spouse 2: | $80,000 | ||||||||||||||||||||||
92 | $12,000 | $24,000 | $48,000 | |||||||||||||||||||||||
93 | New Universal Child Benefit ($60/month) | $2,880 | $2,880 | $2,880 | $2,880 | $2,880 | $2,880 | $2,880 | $2,880 | $2,880 | $2,880 | $2,880 | ||||||||||||||
94 | Minus: | $432 | $432 | $432 | $432 | $432 | $432 | $432 | $432 | $634 | $432 | $432 | ||||||||||||||
95 | Federal tax* | |||||||||||||||||||||||||
96 | Repeal of the Child | $1,376 | $1,376 | $1,376 | $1,376 | $1,376 | $1,376 | $1,376 | $1,376 | $1,376 | - | $336 | ||||||||||||||
97 | Tax Credit | |||||||||||||||||||||||||
98 | Total | $1,072 | $1,072 | $1,072 | $1,072 | $1,072 | $1,072 | $1,072 | $1,072 | $870 | $2,448 | $2,112 | ||||||||||||||
99 | A $1,000 increase in the maximum amounts that can be claimed under the Child Care Expense Deduction | - | - | - | - | - | $600 | - | $600 | $880 | - | $336 | ||||||||||||||
100 | Children’s Fitness Tax Credit Enhancement | $300 | $300 | $300 | $300 | $300 | $300 | $300 | $300 | $300 | $600 | $300 |