New Tax Break for Canadian Families

On June 30 the CanWest News Service reported on the new federal child tax break for families with children under 18 years old, effective July 1. The tax savings comes in the form of a refundable tax credit claimed on your income tax return, and is worth up to $310.

Employees can take advantage of the tax break now by having their income tax withholdings (slightly) reduced. You need to fill out a new TD1 form to give to your employer. The form is available on Canada Revenue Agency's website.