What’s new for 2015 Tax Year for Child Care Deductions and UCCB?

Effective for Tax Year 2015, parents will be able to increase another $1,000 in child care deductions. The maximum amounts have increased to $8,000 for children under age 7 and $5,000 for children aged 7 through 16, and to $11,000 for children who are eligible for the Disability Tax Credit.

In addition as of January 1, 2015, the Universal Child Care Benefits (UCCB) for children under age 6 is now increased to $160/month (up $60/month) to an annual maximum of $1,920 per child.  At the same time parents will receive a benefit of $60/month for children age 6 through 17, up to $720/year for the child.

The above information is of a general nature only and should not be relied upon for specific situations.  Call Marlies Y Hendricks, CPA, LPA at 416-766-3941 to discuss your best options and set up an appointment.