Alberta Budget 2016: Benefits for Families

Late last week, the Alberta government announced their budget for 2016, and while there are varying opinions and predictions for what all the numbers mean, there are some definite bright lights, especially for families. If you haven’t had time to sift through all the data announced last week, here’s a look at the two big measures coming into effect for families in Alberta.

One of the main goals of the NDP with the announced budget, is to make this economic downturn a little easier for low and middle-income families in our province. They are making these changes via the Alberta Child Benefit and enhanced Alberta Family Employment Tax Credit. These new initiatives will help 200,000 families starting in July 2016, supporting 380,000 children, costing $336 million.

ALBERTA CHILD BENEFIT

• Assisting low-income families with incomes up to $41,220
• Four quartlerly payments to these families starting in August 2016
• Families can receive up to $1,000 for one child, plus $550 for each of the next three.
• Government spending $147-million on this benefit in 2016-2017
• Helping 235,000 children in 130,000 families

ALBERTA FAMILY EMPLOYMENT TAX CREDIT

• Families with incomes of $41,250 or less are eligible for maximum refund
• Increase in tax credit, formerly families earning $36,778 or less were eligible.
• Maximum refund increased to $2,012: $763 if one child, $1,457 for two, $1,873 for three, or $2,012 for four children.
• Government spending $141-million for credit
• Helping 290,000 children in 143,000 families twice a year

Both credits are non-taxable, and in addition, the government plans to increase child care support by $10-million. You can read more about the budget for 2016 on the Government of Alberta website.

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