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EXCERPTS
As we are bombarded with political promises, there is one promise that stands out as being both misleading and potentially damaging to the very children and parents it promises to help.
The Conservative Party is promising $100 per month, or less than $25 per week (actually $23 per week) for a family to care for each child under the age of six years. The Conservatives fail to remind the parents that this money is taxable income, and as a result it is unlikely that you will actually have a financial benefit of $23 per week. The Conservative Party of Canada website states "it will be taxed in the hands of the lower-income spouse."
The $1,200 per annum- per child income, with a potential of more than $6,000 per year (five children) increase in income may in fact push you to a higher tax bracket and as a result you may pay higher taxes on all of your income, an amount that could be in the hundreds of dollars. You may also lose the child-tax benefits you currently have, your GST rebate, the ability to deduct your medical expenses (based on a percentage of income), and free or subsidized medical benefits. All because your taxable income is higher. These are just examples of the potential negative side effects of the Conservative promise.
So parents, before you vote Conservative, thinking that you are going to have more money in your pocket, do the research. This is one promise that is going to cost many families far more than the $23 per week that the Conservatives are promising you.
- reprinted from the Chilliwack Times