What an awful idea and a waste of money. At least they watered it down by capping the amount. When they were first talking about this my friend who is a partner in a law firm figured he'd get over $10K in tax breaks (assuming provincial taxes were included in this which I believe is the case). Meanwhile other friends with children who both work and make less than half he does combined would've seen nothing.
Should provide a nice hit to provincial revenues too if what I'm reading is correct. I believe provincial taxes are based on federally taxable income, so every province is going to lose revenue from this unless they raise everyone's taxes to make up the difference.
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