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Federal Budget 2017 Families

March 27, 2017Blog, Budget, Families, Individuals, TaxesAbility Private Client Group

Finance Minister Bill Morneau delivered the government’s 2017 federal budget on March 22, 2017. The budget expects a deficit of $23 billion for fiscal 2016-2017 and forecasts a deficit of $28.5 billion for 2017-2018. Find out what this means for families.

Key points for families

  • Childcare: The funding could serve to create more affordable childcare spaces for low-income families
  • Parental leave: Extending parental leave and benefits to 18 months, Parents who choose to stay at home longer, however, will have to make do with a lower Employment Insurance (EI) benefit rate of 33 per cent of their average weekly earnings, instead of the current rate of 55 per cent
  • Caregiver benefit: Introduce a new caregiver benefit that’s meant to help families copy with illnesses and injuries.
  • Parents who go to school: Single, higher federal income threshold for part-time students to receive Canada Student Grants. Grants don’t have to be repaid.
  • Foreign Nannies: Waiving a $1,000 processing fee required to obtain a work permit.
  • Please don’t hesitate to contact us if you have any questions.

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Derrick Lee-Shanok

derrick@abilitypcg.com

margareth@abilitypcg.com

416-875-1836

1-877-940-7377

416-860-7550

1500 Don Mills Rd. Suite 400 Toronto, ON M3B 3K4



Recent Articles

  • Five Ways To Withdraw Money From Your Business In A Tax-Efficient Manner
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We believe in empowering our clients to participate in the creation and maintenance of their overall financial well being through proper education and ensuring an understanding of the possible outcomes involved in each decision.

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