Check out the snip and link below. I’ve asked Mel Arnold, Cindy Derkaz and Jacqui Gingras for their thoughts. Part of the TwitterConvo is here. Other snippets are interpsersed in the general Twitterroll here.
If I was a Smart Funny Accountant, at this point in the blog post I would just cut and run, but I’m a masochist at heart and I love delivering bad news to my loyal readership, so here goes…
First of all, the money you’ll be receiving is taxable. So while it’ll be nice to have some cash on-hand, just remember that, depending on your tax bracket, a good chunk of that change will be headed right back the other way come April 2016. (Moral of the story, don’t spend it all right away!)
Secondly, a federal tax credit was eliminated at the same time that the UCCB was increased. This credit was informally called the “child amount” and basically reduced your tax bill by around $338 per kid. It was also a non-refundable credit, meaning you had to be earning enough (AKA paying enough tax) to make use of it…but 95% of my clients who have children were making use of it. And now it’s gone. And I am sad…(Please visualize a single tear rolling down my cheek.)