Income-splitting and other tax measures for families introduced

jinx99 (FAPI)
October 30, 2014, the federal government introduced three income tax measures intended to relieve the tax burden for families:
- income-splitting – starting 2014, an annual tax credit equal to the federal tax reduction that would result on the transfer of up to $50,000 of taxable income from one spouse to the other, to a maximum credit of $2,000
- child care expenses – starting 2015, the maximum per child amounts that can be claimed will increase by $1,000
- Universal Child Care Benefit – starting 2015, monthly benefits will increase and this program will replace the existing Child Tax Credit

The government also provided a reminder that, as previously announced, the Children’s Fitness Tax Credit will be doubled to a maximum of $1,000, starting 2014, and will be refundable, starting 2015.

For more information, please read link.
2014-10-31 -05:00
Page address has been copied.
To share, click to copy page address.
Share Online by QR Code

Back To Topic: Income-splitting and other tax measures for families introduced

Back To Forum: HOME枫下论坛会计论坛