New Tax Strategies Tailored for Canadian Families

TORONTO - Oct. 30, 2023 - PRLog -- Have you heard of the 2014 tax strategy tailored for Canadian families? Budget Accounting has put together a guideline here for you to hear all about The Family Tax Cut.

Prime Minister Stephen Harper, alongside key government officials, unveiled a series of measures desired to enhance affordability for Canadian families. The Family Tax Cut, a new federal tax credit effective from the 2014 tax year, allows higher-income spouses to transfer up to $50,000 of taxable income to lower-tax-bracket spouses, providing tax relief capped at $2,000 for couples with children under 18.

In a commitment to family well-being, these measures are projected to provide an average relief and benefit of $1,140 to all families with children in 2015. Notably, low and middle-income families stand to receive two-thirds of the overall package benefits, with the Family Tax Cut narrowing the federal tax gap between one-earner and two-earner couples. The government also emphasizes its dedication to supporting Canadian families across income levels through successive tax relief measures dating back to 2006.

Contact Our Tax Experts

If you are looking for help with filing your taxes, it's time that you contact our team at Budget Accounting. Reach out to our team today.

🌍 Learn More: https://www.budgetaccounting.ca/blog/tax-news/tax-cuts-increased-benefits-families-children/

📞 Phone: (905) 508-5007

📬 Email: info@budgetaccounting.ca

📍 Location: 9555 Yonge St #308, Richmond Hill, ON L4C 9M5