Family Tax Cut

Sometimes two families with the exact same household income end up paying drastically different taxes.  That is why our government is introducing the Family Tax Cut to help make Canada’s tax code fairer and help make life more affordable by freeing up some money in the family budget.

For families with minor children, the Family Tax Cut will allow a higher-income spouse to transfer up to $50,000 of taxable income to a spouse in a lower tax bracket, saving up to $2,000.

Canada’s seniors have been benefitting from pension income splitting for years. Now, once it is fully implemented, more than 1.7 million Canadian families will benefit from the Family Tax Cut.

You can find detailed information on this new tax cut HERE