Advertisement
Couples with combined income of $70K would benefit the most
In 2014, the Conservatives introduced this credit, which allows families with children under the age of 18 to shift $50,000 of income from a higher-earning spouse to a lower-earning spouse for total tax savings of up to $2,000 per couple. While the benefit was repealed in December when the Liberals took over from the Conservatives, you can still claim it for the 2015 tax year.
The bottom line: The couples who will benefit most from this soon-to-be-gone tax credit are those with a large income disparity and earn roughly $60,000 to $70,000 in combined income. At that point couples will hit the $2,000 cap, so those with higher incomes will not get a larger benefit.
More tax tips here.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Should you be paid as a power of attorney? Learn about the compensation rules in Ontario and how to...
Want an idea of how much tax you paid—or will be paying—for 2024? Here are the federal and provincial...
The federal government’s capital gains inclusion rate increase has yet to become law. There’s a slight chance it may...
Canadians have reporting requirements for foreign assets, income and tax paid. Here’s how to claim each of these on...
Are your parents anxious about your interest in crypto investing? Here’s how to have family conversations about this and...
In retirement, some income is not subject to withholding tax, and you may potentially owe tax after filing each...
Driving for Uber or writing on Fiverr? Here’s what you need to know about filing your taxes.
Some strategies are time-sensitive, while others can help you start the new year on the right foot.
Here’s a guide to making the right tax installment payments, including answers to common questions about the process.
