in Income Tax

originally published on March 10, 2015 { 11 comments }

• BeSmartRich March 16, 2015, 1:24 PM

  I totally agree. Why is it capped at $2000 and also why is it only available for married people with kids? It is my rant of the day as I don’t have kids yet. I did not want to rush to have kids but may have to consider soon hahaha.

  BSR

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• LifeInsuranceCanada.com March 11, 2015, 7:21 AM

  So the federal gov’t hands back $2000/year, and all everyone does is complain about how it’s not good enough?

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  • bigcajunman March 11, 2015, 8:47 AM

    In my case, yes. Same way folks complain about TFSAs and how they are only for the rich, why do people who don’t have kids have to pay school taxes, why are insurance rates so high and many other things.

    But no, in my opinion, it is not good enough.

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• Matt March 10, 2015, 10:33 PM

  Thanks for the reminder, I’ve got to get started pulling our taxes together and find a good accountant. Have you ever done a post about when its time to use a pro for texes versus doing it yourself??

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  • bigcajunman March 11, 2015, 5:25 AM

    I haven’t, but a few folks have, so far I continue to do it myself, but if my “business” was a bit more profitable, that is what might have me get a pro involved. I have had consultations with a pro though (know a few accountants).

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• Emily @ Simple Cheap Mom March 10, 2015, 8:47 PM

  We were able to get an extra $1200 back from the new tax splitting credit.

  I was going to defend the credit, but when I think about it, because of our graduated tax system, it’s a self capping credit. As more and more income is transferred to the spouse for the credit, their tax bracket would raise until both were in the highest bracket, then there would be no further benefit. So, I guess it just wasn’t in the budget.

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• Tawcan March 10, 2015, 2:38 PM

  I don’t understand why it’s capped at $2000 either. There seems to be too many limitations for the average Canadian family to take advantage of this tax credit.

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  • bigcajunman March 10, 2015, 3:02 PM

    Doesn’t the US have the concept of “Household income”? It annoys me when a good idea is done in partial measures….

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• Anita March 10, 2015, 10:42 AM

  I also heard comments about it being discriminating to women. Apparently, it’s asking us to go back into the kitchen and stay at home. Coming from a home where I’m the wife and the main breadwinner – I thought that the comment saying that it was discriminating itself. My take is that it was trying to give families an increased option to work less, pay less daycare costs and spend time with your family. That seems to be an issue these days. I recognize that $2000 a year might not be the final decision maker in that – but it’s better than a kick in the a$$.

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  • bigcajunman March 10, 2015, 10:49 AM

    Thank you for the female point of view. The argument that it is anti-women in the workforce had me scratching my head, but maybe I am not that smrt (sic).

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• aB March 10, 2015, 9:58 AM

  First run through of Schedule 1-A showed ~$450 for us.
  (Wife on maternity leave)

  Reply

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