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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.
http://www.pwc.com/en_CA/ca/tax-insights/publications/pwc-income-splitting--other-tax-measures-for-families-introduced-2014-10-en.pdf?M=eb2382ba-bf35-4e18-bccb-1acbd40810f0
(#82928@41)
2014-10-31 -05:00
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