NO MORE FAMILY TAX CUT

NO MORE FAMILY TAX CUT

Mar 02, 17
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The federal government has done away with the Family Tax Cut, also known as the Income Splitting Tax Credit, a reduction measure that allowed individuals to transfer up to $50,000 of income to a lower earning spouse, if they have a child under 18 years old, to a maximum benefit of $2,000.

A 2015 report by the Parliamentary Budget Officer found the cut would help just 15 per cent of Canadians while reducing government revenue by $2.2 billion in the 2015 fiscal year.
Critics have said it disproportionately benefited higher income families in which one parent earns significantly more than the other.

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