Q: Another contentious issue is the end to income splitting. What does that mean for families?
A: For most families it won't mean anything. According to the Parliamentary Budget Office, only 15 per cent of Canadians benefited from income splitting. The big complaint was about pension income splitting, which is not being touched at all, so seniors are not going to be affected. The other positive thing to affect a majority of Canadians is the Liberals' plan to introduce a tax-free Canada Child Benefit. Under the Harper government it was called the Universal Child Care benefit and was taxable. With that, a majority of people are going to have more money in their family budget than expected with the Harper government.
Here are three income scenarios and what they mean to various income earners.
Combined family income of $200,000 with two children - Making a few assumptions, in most families with kids there is typically a 70/30 income split because one parent earns more, while the other does more duties in the home. Assuming their income is $250,000 a year, a family like this will see pay $1,126 less in federal taxes. Because they exceed the $200,000 mark for family income, they won't be eligible for the new Canada Child Benefit.
Average Calgary family earning a combined income of $98,000 - They'll save $379 in federal taxes but will gain about $6,300 in the Canada Child Benefit. They should see an increase in $500 or so in their monthly budget.
Average Canadian family with a combined income of $75,000 - The federal tax savings annually will be $117. But they'll receive $7,850 annually from the Canada Child Benefit.
楼主: 清风寨
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发表于 2015-12-27 18:49:42
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