Recently, the federal government announced a new income-splitting benefit for couples with children under the age of 18 in efforts to make life more affordable for Canadian families, as part of a series of new tax measures.
What are the new tax measures?
In efforts to provide tax relief for some four million Canadian families, the government has proposed the following:
The Family Tax Cut can be claimed in the spring of 2015 as families file their 2014 returns. As a result of these new measures, low-and-middle-income families will receive two-thirds of the overall benefits provided by the package.
For more information view full article on the Government of Canada website here.