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Income splitting, The Full Story

Income splitting, The Full Story



Thornhillers may have noticed that the Parliamentary Budget Officer (PBO) recently released a report regarding our Government’s Family Tax Cut. The report concluded that the Family Tax Cut will benefit 15% of Canadian families and that most of the benefits would go to middle and upper middle income families.  He neglected to speak to the wider package of benefits to families that also include expansion of the Universal Child Care Benefit.  The Liberal and NDP responded predictably so I offer these thoughts in response.

 

  • We know the Liberals and NDP think bureaucrats should decide how families spend their money but our Conservative Government believes in keeping more money in the pockets of Canadian families.
  • Income splitting helps 2 million families and over 2 million pensioners.
  • Under our Conservative Government, the tax burden on Canadians is at the lowest level in more than 50 years and Canadian families are paying $3,400 less in taxes each year than they were under the Liberals.
  • The fact is that the new Family Tax Cut and enhanced Universal Child Care Benefit will benefit 100% of families with kids – the vast majority of benefits going to low and middle income families. The Liberals and NDP will raise taxes on Canadians families and take these benefits away.

Quotes

  • Canadian Taxpayers Federation: “Putting more money back in the pockets of Canadian families is a positive development.”
  • Canadian Federation of Independent Business: “Strong majority of CFIB members (71%) support income splitting. A good move.”
  • Saskatchewan Premier Brad Wall: “Good announcement Prime Minister. More money in pockets of ALL families with kids.”
  • Yukon Premier Darrell Pasloski: "The Yukon Government‎ applauds initiatives that allow families to keep more money in their pockets, which is good for our economy. The creation of the Family Tax Cut Credit and enhancements to the Universal Child Care Benefit and Caregiver deductions will directly benefit Yukon families."

For more information about benefits available to you visit: www.canada.ca/budget2015




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