New income splitting tax cuts have been implemented by the Conservatives for families with children. Will you benefit? Read on for the full story.
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With a federal election and balanced national budget looming, the spotlight is once again the on the possibility of income splitting, a tax measure designed to benefit families with kids under the age of 18. However, a new study finds income splitting will be costly to the provinces – a $1.7-billion annual price tag, to be exact.
Did you know that single-income families actually pay more in taxes than dual income earners? The government has proposed income splitting as a solution, that would allow the income to be divided and declared by both spouses. However, it’s an expensive solution that may not take effect for some time.