Current Version | ChildView

Version 2024.2.0

December 1, 2024

Summary of Changes:
This version of ChildView® includes provision for the new capital gains treatment for 2024, confirmed benefit numbers, as well as a new tool to assist you and your clients in the calculation of retroactive or arrears child support.

Program Changes:

The new “Child Support Retroactive/Arrears Calculator” has been added to the program. This tool facilitates the calculation of retroactive or arrears child support, interest where applicable, and payment arrangements. Feedback on this new feature would be appreciated.
Increased functionality has been added to the “Enhanced 12-Month Child Support Table” when it is accessed from one of the child support revisions sections on the “Guideline Amounts” screen or in the spousal support tools. Child specific month by month parenting arrangements may be made, along with a detailed report.
The results from the “Enhanced 12-month Child Support Table” may be flowed to the new “Child Support Retroactive/Arrears Calculator.”
The tax setting for spousal support between the parties has been expanded to allow each party to be set individually. This will more accurately reflect situations where one party may be in a non-taxed situation (such as on reserve) and the other is taxed.
A new screen has been added to the “Express” mode to facilitate the setting of the Canada Carbon Rebate (formerly the Climate Action Incentive Payment), where appropriate.
The “ChildView Express Mode” tutorial has been updated to reflect various screen and functionality changes.
A new input screen has been added to facilitate the capital gains changes.
On-going updates to the “Help” file have been made, including updated information on capital gains and business investment losses, as well as a new section on the “Enhanced 12-month Child Support Table”. A section has also been added explaining the treatment of spousal support where a non-resident party is involved.

Income Tax Changes:

The 2024 federal budget, delivered April 16, 2024 increased the capital gains rate for individuals to 2/3 on annual capital gains above $250,000 incurred on or after June 25, 2024.
At the same time, the lifetime capital gains exemption for farms, fishing properties and qualified small businesses has been increased to $1.25 million. More details were provided in a Notice of Ways and Means on June 10, 2024 with further tweaks in a second Notice of Ways and Means released September 22, 2024. At the time of writing a bill has not yet been table; however, given the implementation date of June 25, the change is now in effect and unlikely to be reversed with this federal government. As a result, these changes (to the extent details have been released) have been incorporated in this version of ChildView®.
Hand in hand with the change to the capital gains rate, the treatment of current business investment losses has also been updated. For 2024 any adjustment to Guideline income per federal schedule III-7 must be allocated to the appropriate input field as occurring prior to July 25, 2024 or on or after July 25, 2024 so the correct income tax conversion may also be made.

Province Specific Changes

Northwest Territories
• The Northwest Territories Carbon Tax Rebate has been updated to be calculated on a July to June cycle rather than the April to March cycle of most of the other carbon rebates.
Nunavut
• Per Nunavut’s Income Tax Act Regulation R-012-2024, issued April 29, 2024, the carbon rebate for July 1, 2024 to June 30, 2025 has been reduced to $100 from $308. This carbon rebate also goes from a July to June cycle, rather than April to March. These changes have been included in this release.

Version 2024.1.2

August 28, 2024

1. Fixes the rare issue of an infinite loop being created in the Gross-Up Calculator in scenarios where there is no change between the cash to gross up and the resulting grossed-up amount.

April 18, 2024

Program Changes

A new “Enhanced 12 Month Child Support Table Look Up” has been added to the program. This tool facilitates adjustments to the table amount of child support where parenting arrangements change in certain months within the year. The results may be flowed to the child support revision section on the “Guideline Amounts” screen and the “Spousal Support Advisory Guideline Calculator.”
On-going updates to the “Help” file have been made.

Income Tax Changes

The April increases or adjustments to the Canada Carbon Rebate (previously named the Climate Action Incentive Payment) have been included in this version of ChildView®.
While many of the provincial budget announcements are effective for 2025, those which affect the 2024 calculations are detailed below.
A subsequent release will include the changes to the capital gains inclusion for net capital gains over $250,000 that were announced in the federal budget to be effective June 25, 2024.

Province Specific Changes

Alberta
• Per Bill 10, which received third reading April 11, 2024, a one-time $5,000 refundable tax credit was announced for eligible individuals who relocate to Alberta and work in eligible occupations. They must live in Alberta for at least 12 months and file Alberta personal tax returns. An input field has been added to the provincial section of the “Applicable Tax Screen” under “Annual Income & Deductions.”

British Columbia
• Per Bill 3, the increases to the BC carbon rebate have been included in this release. BC is not included in the federal carbon backstop program.
• BC has also made a one year increase to the BC Family Benefit. This bonus is effective from July 1, 2024 to June 30, 2025 and is included in this program update.

Newfoundland and Labrador
• Per Newfoundland and Labrador Regulation 9/24, the Child and Parental Benefits have been substantially increased effective January 1, 2024. These new amounts will also be indexed as of July 1, 2024. Both these changes have been included in this release.
• The 2024 budget, released March 21, 2024, reduced the small business corporate income tax rate from 3% to 2.5% as of January 1, 2024, but there was no mention of any change to the dividend tax credit for non-eligible dividends that might result from this change. Should any change be made, it will be included in a subsequent program release.

New Brunswick
• In 2024, New Brunswick is paying a one-time New Brunswick Workers Benefit of $300 for which eligible individuals must apply. To be eligible, the person must have net income of $70,000 or less per their 2022 or 2023 personal tax return and have at least $3,000 of working income as defined by the CWB legislation. An input field has been added to the Applicable Tax screen to accommodate this benefit.

Northwest Territories
• The adjustment amounts for the Northwest Territories COLO – their carbon rebate initiative, have been included in this release.

Saskatchewan
• Per Bill 157, which received royal assent April 8, 2024, the dividend tax credit rate for “other than eligible dividends”, often called “small business dividends”, has been amended from 2.938% to 2.519%, effective January 1, 2024. This change has been included in this version. Note that the rates for 2025 and 2026, and subsequent taxations years, have also been amended and will be included in later versions as appropriate.

Yukon
• The changes to the carbon rebate for July 2024 to June 2025 are included in this update. The amounts have actually decreased from $372 to $310 per person, but the remote supplement, for those living outside of Whitehorse, has been increased from 10% to 20%.
• Based on the legislated formula, the indexation of the Yukon Child Benefit has been reflected in the July to December 2024 benefits calculations.

Version 2024.1.1

January 18, 2024

Program Changes

A correction has been made in the Lump Sum Payment Calculator in circumstances where spousal support between the parties has already been entered in the main screen. This situation will only arise where the spousal support recipient’s income before spousal support will be eligible for the Canada Workers Benefit (CWB).
A new video tutorial has been added on customizing court forms.

Version 2024.1.0

January 8, 2023

This version of ChildView includes all the 2024 tax and benefit numbers that are known or may be estimated at this time.

Program Changes

In this release, based on user feedback, the functionality of changing children’s names in the Express mode of the program has been improved.
The “Help” file has been updated to include a new section on the “Life Insurance Calculator.” In addition, various other sections have also been updated for the 2024 information.

Income Tax Changes

The 2024 income tax and government benefits numbers, as known or may be estimated at this time, have been included in this version of ChildView.
The CPP second level enhancement, that is effective as of January 1, 2024, has been to the calculations. As with the first level enhancement, this second contribution is also a tax deduction.
The increase of the additional carbon action incentive payment (CAIP) for rural residents from 10% to 20% has been included in this version.

Province Specific Changes

Prince Edward Island

Per Bill 14, which received first royal assent June 21, 2023, the PEI government implemented an increase of $750 to the “basic personal exemption”(BPE) for both 2023 and 2024. In addition, increases have also been made to the AED, spousal credit, age credit and the ‘Low-Income Tax Reduction” threshold. The bill also doubles the “Children’s Wellness” tax credit from $500 to $1,000 for 2024. Lastly, the bill eliminates the surtax for 2024, adds two additional tax brackets and increases the thresholds and reduces the rates for the original three brackets. All these 2024 changes have been included in this program release.

Saskatchewan

Per Bill 89, which received royal assent November 14, 2020, the “other than eligible dividends” (small business dividends) tax credit has increased for 2024 to 2.938% for 2024 and is scheduled to increase to 3.362% for 2025. The 2024 rate has been updated in this version.

Your Solution for Accurate and Transparent Calculations

1-800-787-8620
support@childview.ca

Your Solution for Accurate and Transparent Calculations

1-800-787-8620 support@childview.ca

1-800-787-8620
support@childview.ca