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New Tax Measures Take Effect In January
Three new tax measures start in January. A one percent cut in the federal surtax is the second such reduction in a year. A family earning 40000 dollars with two children saves about 110 dollars. Child care deductions rise to 5000 for under seven and 3000 for older children. The new Child Tax Benefit merges several credits into a single monthly non taxable payment, aiding needy families by about 400 million dollars a year. 84 percent of families with children will receive benefits, and low income working families gain an added earned income supplement up to 500 dollars.
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British Columbia
B.C