Winnipeg, Manitoba, September 9, 2013 The Honourable Kerry‑Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, and M.P. Joyce Bateman (Winnipeg South Centre) today highlighted the benefits of the family tax measures introduced by the Harper Government, including the Children’s Arts and Fitness Tax Credits, the First-Time Home Buyers’ Tax Credit, the Family Caregiver Tax Credit, and the Tax-Free Savings Account.
“Our Government is committed to supporting Canadian families by keeping taxes low,” said Minister Findlay. “These tax relief measures continue to help Canadian families keep more of their hard-earned money.”
The Harper Government’s strong record of providing tax relief to Canadians is delivering real results. The average family of four now saves more than $3,200 annually in taxes, including an average of $1,000 from reducing the Goods and Services Tax (GST) rate by two percentage points.
These tax relief measures include:
- The Children's Fitness Tax Credit allows eligible Canadian families to claim a 15 per cent non-refundable tax credit on an amount up to $500 for the cost of registering a child in eligible physical activity programs, such as soccer or hockey teams. For the 2011 tax year, over 1.5 million families took advantage of the Children's Fitness Tax Credit.
- The Children's Arts Tax Credit allows eligible Canadian families to claim a 15 per cent non-refundable tax credit on an amount up to $500 for the cost of registering a child in eligible artistic, cultural, or other programs, such as music lessons or tutoring. Over 460,000 families claimed the Children's Arts Tax Credit in the 2011 tax year.
- The Family Caregiver Tax Credit is a 15 per cent non-refundable tax credit on an amount of $2,000 that provides tax relief to caregivers of infirm dependent relatives. This includes, for the first time, infirm spouses, common-law partners, and minor children. Canadians were able to claim this new, non-refundable tax credit for the first time when filing their 2012 taxes.
- The First-Time Home Buyers’ Tax Credit - Assists first-time home buyers with the costs associated with the purchase of a home, such as legal fees and other costs. Canadians can claim $5,000 for the purchase of a qualifying home.
- The Tax-Free Savings Account (TFSA) allows Canadians who are 18 or over to set money aside tax-free throughout their lifetime. All income earned in a TFSA is tax-free and withdrawals from a TFSA are generally not taxed either. Plus, having a TFSA does not affect federal benefits or credits. TFSAs are very popular: more than 9 million Canadians had opened a TFSA by the end of 2012. For the 2009 to 2012 contribution years, the annual TFSA contribution limit was $5,000. The limit increased to $5,500 on January 1, 2013 for the 2013 contribution year.
“I’m happy that so many families across the country and right here in Winnipeg are benefitting from the tax savings provided by these family credits,” said MP Bateman. “I am convinced that more families will take advantage of these important programs in 2013. Our Government will continue to support hard-working Canadians.”
To find out if your child’s program is eligible for the Children’s Fitness Tax Credit, go to www.cra.gc.ca/fitness. For the Children’s Arts Tax Credit, go to www.cra.gc.ca/artscredit.
To find out if you are eligible for the First-Time Home Buyers’ Tax Credit, go to www.cra.gc.ca/hbtc.
For more information on the Family Caregiver Tax Credit, go to www.cra.gc.ca/familycaregiver.
To find out how to open a Tax-Free Savings Account, go to www.cra.gc.ca/tfsa.
The Canada Revenue Agency encourages Canadians to sign up for direct deposit, since the Government of Canada will phase out cheques by April 2016. Sign up now at www.cra.gc.ca/directdeposit.
FOR BROADCAST USE:
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, and M.P. Joyce Bateman (Winnipeg South Centre) highlighted the benefits of family tax measures introduced by the Harper Government such as the Children’s Arts and Fitness Tax Credits, the First-Time Home Buyers’ Tax Credit, the Family Caregiver Tax Credit, and the Tax-Free Savings Account. Minister Findlay encouraged Canadian families take advantage of these available tax measures.
MEDIA ENQUIRIES:
Noël Carisse
Media Relations
Canada Revenue Agency
613-952-9184
Julie Carmichael
Director of Communications
Office of the Minister of National Revenue
613-995-2960
