3/26/2007

The Budget

Yay!
Canadians with kids will pocket an extra $310 for each child when they do their taxes next year, as families took the starring role in the federal budget's income-tax cut story...
This budget increases the basic personal tax credit for low-income spouses so that it is equal to what is afforded to the person working outside the home. This also applies to single people taking care of a dependent relative. That measure translates into a $209 tax break each year, regardless of the income level...
Combine that with a $310 credit per child under 18, and a family with one income earner and two children could see $829 more dollars in 2008...

Just under $1k isn't a lot, but quite frankly every little bit helps. It's not the government's money anyway. It's ours. To be honest, I think I can do a lot better job of spending it where it needs to go than they can. I am still hoping for income splitting to make an appearance one day.
A side note however. I found this article to be pretty biased. Who cares that middle class singles and couples with no dependents didn't get a break? No offense, I am sure you work hard for your money, but our current taxation system is so stacked against the single-income, multiple child family that we are the ones who finally deserve a break.

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