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AFABC News BC's Adoption Expense Tax Credit and Children's Education Fund The government of British Columbia has announced two provisions in this year's budget which will benefit BC's adoptive families. Adoption Expense Tax Credit The Adoption Expense Tax Credit recognizes some of the costs of adoption that families in BC incur. The credit is effective for the 2007 and subsequent tax years. It will be harmonized with the federal adoption expense tax credit and calculated using the same expenses used to calculate the federal credit, but with the provincial non-refundable tax credit rate. The maximum expense that can be claimed is $10,445 for 2007 (indexed to national inflation) and will provide parents with a provincial personal income tax reduction of up to $595 for 2007. Children's Education Fund The government has also announced a provision for a Children's Education Fund which will help young people meet their post secondary skills development needs and learning in the future. Beginning in 2007, $1,000 will be invested for each new child born or adopted in BC. The grant will be available to any child born on or after January 1, 2007. Eligible beneficiaries will be able to apply for the benefit at the time they enter a qualifying post secondary institution as long as they are 26 years of age or younger. There will be no need to register and keep track of each child upon birth or adoption. |
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