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Tax breaks for families earning less than $41,000

Low-income families will keep more money in their pocket thanks to a new tax credit introduced in the provincial budget this week. 

The Alberta Working Family Supplement applies to families earning less than $41,000.

Working families with one child will be eligible for an annual benefit of $1,100, an additional $550 will be provided for each of the next three children. The Alberta government expects the tax credit will help about 75,000 families. 

“In spite of being employed and working very hard, all too often there’s not enough money for working families, families that have children in particular and this has been a special concern of mine,” said Premier Jim Prentice Friday.

“We believe that this will make a real difference for parents, for the children, and in particular for hard-pressed families.”

The government is also bumping up an existing benefit for low-income families called the Alberta Family Employment credit.

The tax credits come into effect in July 2016.

Source:: http://www.cbc.ca/news/canada/edmonton/low-income-families-win-tax-breaks-in-new-alberta-budget-1.3012787?cmp=rss

      

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