All About Estates

How This Budget Cares

Caring for our loved ones while satisfying and fulfilling can be expensive both emotionally and financially.  Understanding needs, costs and tax relief are all important to saving money. Today’s blog provides some caring highlights from the 2017 Federal Budget.

  1. Three current tax credits have been replaced with the proposed Canada Caregiver Credit. This non refundable credit applies to caregivers whether or not they live with their family member, and help with families with caregiving responsibilities.

The budget highlight below, which is quoted from the  Government of Canada website provides the following easy to understand description:

Current Credits

Infirm Dependant Credit

Income phase-out range: $6,902-$13,785

Maximum credit amount: $6,883

Caregiver Credit

Income phase-out range: $16,163-$20,895

(for persons with infirmities/disabilities: $16,163-$23,045)

Maximum credit amount: $4,732 (if infirm $6,882)

Family Caregiver Tax Credit

Income phase-out range: variable

Maximum credit amount: $2,150

Proposed New Credit

Canada Caregiver Credit:

Income phase-out range: $16,163-$23,046

Maximum credit amount:

  • $6,883 for care expenses of dependent relatives including parents, siblings, adult children and other specific relatives.
  • $2,150 in respect of expenses for spouses/common-law partners and minor children
  1. Another change is that  Nurse practitioners can now certify application forms for people applying for the disability tax credit.
  1. As well, there is a new Employment Insurance caregiving benefit which is for those who are caring for a family member with any serious illness or injury. It offers 15 weeks of leave from work at 55 per cent salary. Previously the benefit was intended for those with a family member near the end of life.

Steps in the right direction, now caregivers continue to wait for Bill C-233: A National Strategy on Alzheimer’s Disease and Other Dementias which by the way, is at the Senate at first reading.

About Audrey Miller
Email: amiller@eldercaring.ca About: Audrey Miller, Managing Director of Elder Caring Inc. has over 25 years social work and rehabilitation experience working with older individuals and their families. She advises the financial, insurance, legal and business communities regarding elder care issues. Audrey is a recognized expert in her field.

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