ARTICLE · 06 NOVEMBER 2014

Harper Tax Cuts: Family Crowd Pleasers

Collins Barrow National Incorporated

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On October 30, 2014, Prime Minister Stephen Harper announced new tax measures that will allow income splitting and provide additional tax benefits to families with children.

CanadaTax

Gina Pak

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On October 30, 2014, Prime Minister Stephen Harper announced new tax measures that will allow income splitting and provide additional tax benefits to families with children. These measures accomplish a 2011 election promise to "help make life more affordable for Canadian families."

The proposed new measures include:

Income Splitting

A new federal tax credit, the Family Tax Cut, will allow eligible couples with children under the age of 18 to transfer up to $50,000 of taxable income from a higher income earner to their lower income spouse for tax purposes. The proposed measures are intended to be effective starting in 2014 providing couples with tax savings of up to $2,000.

Families can claim the Family Tax Cut in the spring of 2015 when they file their 2014 tax returns.

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