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By Special to MoneySense on April 10, 2015
Estimated reading time: 1 minute

Family Tax Cut could disappear

By Special to MoneySense on April 10, 2015
Estimated reading time: 1 minute

Families could be forced to pay more tax

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A busy parliamentary schedule may force families to pay back Family Tax Credit (Getty Images)

Even as the Federal Conservatives trumpet their commitment to families, the current busy parliamentary schedule could scuttle legislation of the Family Tax Cut—forcing families to owe tax. While family income tax savings, including the Family Tax Cut, became a reality last fall all the promises to families across Canada could be undone because of an obscure piece of parliamentary procedure. According to parliamentary rules the Family Tax Cut is not yet law until legislation has been passed. That means parliamentarians have until June to pass the legislation before they break for summer. Upon return in the fall, a federal election is expected, effectively deleting all potential legislation until a new government is officially elected. Not a significant problem on its own, except that the current busy parliamentary schedule could prevent legislation from being passed—and that’s happened before. To read more on how this process works, and how it could impact you, read the full story at Advisor.ca.

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