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Canada Budget Expands Child Care and Tax Benefits
The budget raises the maximum child care deduction to 5000 per eligible child under seven and 3000 for older or infirm children, with full benefit in 1994. It also creates a new Child Tax Benefit starting 1993, totaling 1020 per child annually plus increases for additional children and an earned income supplement up to 500 for low income families. The plan lowers universality concerns by tiered payments tied to income, while education credits rise from 60 to 80 per month of study with higher transferable limits.
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Ottawa
Mardon
Investors Group Inc