Do I have to pay tax on the Universal Child Care Credit (UCCB) payments I receive?
Allan Madan, CA
Yes, you must report this income on your personal income tax return and pay income tax. Should you fail to do so, the Canada Revenue Agency will adjust your tax return based on on the Universal Child Care Credit (UCCB) payments that you received in the year. Failure to report will likely result in interest and penalties.
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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