View Full Version : Budget 2007, am I hallucinating?
Pumpkin
05-17-2007, 08:20 PM
Am I hallucinating? Is there ANYONE else who received a small rectangular peice of cardboard in their mailbox in the past month or two stating ....
"In 2006 we delivered 1200$ to children under 6 years of age through the whatever it's called, (I never got it), this year we are delivering $2000 to every child under 18 through the Child Tax Credit...." It is supposed to be part of the 2007 Budget! There was a website and when i went i didn't see anything more on the site about it.
I have mentioned it to my friends and family and they have heard nothing and received nothing. Nor has anyone else they have mentioned it to... Am I the only one who got one of these?
Does anyone know anything about it? Because if they do it the way they did the other, that would mean $166 and some odd cents more a month.... that's a BIG HELP!! Won't happen til July if it is going to happen.
Im starting to wonder if Im the only one who got this in the mail!!!
I wasn't sure where to post this so if you move it can you atleast let me know where I can never find them once you move them and don't leave the moved thing there..lol
mizunderstood
05-17-2007, 08:25 PM
i didnt get one
TrueLine
05-17-2007, 08:28 PM
Hey....Where's my wife?....If we can knock off a set of triplets,that's a decent truck payment per month...
Pumpkin
05-17-2007, 09:05 PM
Haha if only that worked. Babies/children of any age cost too much money to be able to use that money on luxuries...atleast for me anyways!! lol I only have one and she takes up all my cash!
I found this, so we get nothing......
New Child Tax Credit
Budget 2007 proposes to introduce a new non-refundable child tax credit for parents based on an amount of $2,000 (indexed) for each child under the age of 18 years at the end of a taxation year. The tax credit will be calculated by reference to the lowest personal income tax rate for the taxation year (i.e. 15.5 per cent in 2007). This new tax credit will take effect beginning in 2007, and will provide personal income tax relief of up to $310 per child.
Where the child resides together with the child’s parents throughout the year, either of those parents may claim the credit. In other cases, the credit will be claimable in respect of a child by the parent who is eligible to claim the wholly dependent person credit for the year in respect of a child (or who would be so eligible if that child were the parent’s only child).
For the year of the birth, adoption or death of a child, the full amount of the credit will also be claimable following the rules above.
Any unused portion of the credit will be transferable by a parent to the parent’s spouse or common-law partner.
mizunderstood
05-19-2007, 09:19 PM
hey pumpkin where did u find that info? thanks
Q.3 How will the New Child Tax Credit be calculated?
A.3 The CTC will be calculated by multiplying the lowest personal income tax rate for the year (15.5% in 2007) by $2,000 for each child (indexed after 2007).
Q.4 What will taxpayers need to do to apply for the New Tax Child Credit?
A.4 Taxpayers will claim the New Tax Child Credit when they file their 2007 return.
Sounds like it won't take effect until next year.
jiggypat23
06-01-2007, 06:30 PM
Anyone hear anything else on this subject, like a date when it takes effect?
i dont get it ... so they are changing the universal tax credit to 2000 a year from 1200?? of are they cutting the child tax ?
cuddles2007
06-01-2007, 07:37 PM
i didn't get the thing in the mail. but my moms friend works at revenue Canada. and we are getting 166 extra on our family allowance it starts in July.
Misty589
06-01-2007, 10:00 PM
this has nothing to do with the money you get on the 20th of the month, it is a tax credit, used when you file your taxes to make your tax bill at the end of the year lower, or your refund higher whichever applies to you.
Say you do your taxes like you normally would and you owe 500 dollars, with the new tax credit you could shave up to 310 off of that amount.
i didn't get the thing in the mail. but my moms friend works at revenue Canada. and we are getting 166 extra on our family allowance it starts in July.
a month per child?
Misty589
06-09-2007, 05:15 PM
okay. It effects you if you have to pay or don't already get everything back when you file your income tax. If you take your taxes to hr block next year then they will do it for you and you don't have to worry about it at all. It doesnt' affect any money you get throughout the year it only effects your tax return
Am I hallucinating? Is there ANYONE else who received a small rectangular peice of cardboard in their mailbox in the past month or two stating ....
"In 2006 we delivered 1200$ to children under 6 years of age through the whatever it's called, (I never got it), this year we are delivering $2000 to every child under 18 through the Child Tax Credit...." It is supposed to be part of the 2007 Budget! There was a website and when i went i didn't see anything more on the site about it.
I have mentioned it to my friends and family and they have heard nothing and received nothing. Nor has anyone else they have mentioned it to... Am I the only one who got one of these?
Does anyone know anything about it? Because if they do it the way they did the other, that would mean $166 and some odd cents more a month.... that's a BIG HELP!! Won't happen til July if it is going to happen.
Im starting to wonder if Im the only one who got this in the mail!!!
I wasn't sure where to post this so if you move it can you atleast let me know where I can never find them once you move them and don't leave the moved thing there..lol
so they are making the universal tax credit until the age of 18? and they always put up the child tax credit every year but 166 dollars doesnt make sense to me.. what misty said must be whats going on.. which isnt much