Last week, CRA reminded families to apply for the generous new Universal Child Care Benefit (UCCB) being delivered to families this week. But there may also be more good news: enhanced Family Tax Cut dollars available for the 2014 tax filing year for families in which one spouse was a full- or part-time student... $2 to $750 more in fact.
The calculations for the Family Tax Cut have recently been adjusted to take into account the unused portion of tuition, textbook and education credits transferred from a spouse or common-law partner. The result is an additional refund of somewhere between $2 and $750, according to the CRA, which will do the calculation automatically if it looks like the family might qualify for the adjustment.
To be sure, however, qualified Tax Services Specialist should be consulted to review the calculations for their clients who have made a tuition, textbook and education credit transfer to their spouse on line 326 of the 2014 T1 return and determine if any other adjustments should be made to the tax return. Then, find out what your estimated Family Tax Cut will be in 2015 to maximize your investment planning opportunities.
The adjusted calculation can be found on line 499 on the new Schedule 1A, released on June 25: http://www.cra-arc.gc.ca/E/pbg/tf/5000-s1a/5000-s1a-14e.pdf