PM announces tax cuts, increased benefits for families

Yesterday, the federal government announced the implementation of various measures applied to families with children under 18 years. One such measure is the introduction of a tax credit for income splitting between spouses. This credit will allow spouses with children under 18 to share up to $ 50,000 of income to lower their common level of taxation. The maximum tax savings for the couple will be $ 2000 and will apply to the 2014 tax year.

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