New splitting income measures for families

Canada government announced a new measure that will allow families to split their income

All families with children under 18 years old will benefit that measure, effective for the current tax year 2014.
There will be a maximum of 50 000$ of income splitting, which generate a maximum of 2 000$ of tax savings per family.
Income splitting is a measure to transfer income from one spouse to another, permitting a lower global of taxation for the couple.
We don’t know at this point if Québec will follow that measure also.

Source :

REER 2014 : Éléments de réflexions 3 RRSP loan strategies to use with HBP

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