July 21, 2015
The Universal Child Care is available to every Canadian with a child under the age of 18, it provides families extra money they can use however they please.
But all of that taxable dollars that you receive as a parent of a child or children under the age of 18 isn't really yours after all.
While this may appear to be a significant amount of extra cash, you need to keep two things in mind: First of all, the enhanced UCCB is actually replacing the existing child tax credit. This non-refundable federal credit was available for the last time on the 2014 tax return and was based on $2,255 per child at a 15 per cent rate, and was therefore worth $338 per child. (Had it survived, it would have been worth slightly more this year as it was indexed to inflation).
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