Monday, June 24, 2019

Correction SPSD/M 27.1

This e-mail is to inform you a miscoding was found in SPSD/M version 27.1 and to provide you with the appropriate solutions.  Despite an extensive testing and validation system, an error was found in version 27.1 which may impact results of your studies. 
This e-mail contains the solution that you need to resolve the miscoding.  You may also download version 27.1.1 from the EFT if you would like a version of the model which has the fixes included. Version 27.1.1 will overwrite version 27.1.
Ontario Childcare Access and Relief from Expenses (CARE) Tax Credit
Years affected: 2019-2025

Issue: The Ontario CARE refundable tax credit announced in 2019 budget (April 11). Child Care Expenses and Social benefit repayments were deducted from net income when they should have been added back to net income.

Fix for users who don’t want to download 27.1.1: Ontario CARE is a refundable tax credit and therefore has no further income tax related implications in the model. Users can model this refundable tax credit easily using the User Variable Facility included with the model.