Universal Child Care Benefit and Tax Bracket

Canada child benefit: The current top bracket of 29 per cent would continue to apply to those earning between $138,586 and $200,000, according to CBC. The Conservatives' newly enriched universal child care benefit would be replaced by rolling together two other existing child benefits into a single, more generous, monthly, tax-free "Canada child benefit."The Conservatives' income-splitting tax credit would be scrapped. Under the Liberal proposal announced Monday: The 22-per-cent tax rate for anyone with a taxable annual income between $44,701 and $89,401 would be cut to 20.5 per cent.A new tax bracket of 33 per cent would be imposed on those with taxable incomes over $200,000 a year. The near doubling of the tax-free savings account contribution limits announced in the federal budget would be cancelled. "We can do more for the people who need it, by doing less for the people who don't," Trudeau said at a campaign-style event at a family restaurant in nearby Aylmer, Que. According to the Liberals, all families with kids under 18 and an annual income below $150,000, or 90 per cent of families,would receive more under Trudeau plan than they do under Prime Minister Stephen Harper's. Liberal Leader Justin Trudeau is said in a speech Monday he would cut taxes on the middle class and boost monthly child benefits while introducing a new higher tax bracket for those earning more than $200,000 a year and scrapping the government income-splitting plan. (news.financializer.com). As reported in the news.