Harper’s tax cuts aimed at saving families money : MacKay

Harper Government tax measures should provide families across Canada with a bit of a break this next tax season.

Federal Justice Minister Peter MacKay said they’re increasing the Universal Child Care Benefit for children under the age of six, and they’re also introducing the Family Tax Cut.

“The Family Tax Cut is a federal, non-refundable tax credit that would allow a spouse to, in effect, transfer up to $50,000 of taxable income to a spouse in a lower income tax bracket with a benefit of up to $2,000.”

MacKay said, on average, families with children will have an extra $1,140 dollars in their pockets next year.

He didn’t have stats specific to Nova Scotia, but MacKay said nationally, about 2 million more families will see tax relief next tax season.

Those two measures together will cost $3.1 billion in 2014-15 and $4.5 billion in 2015-16.

The Conservatives made the income-splitting promise during the 2011 election campaign, but it was contingent on the federal books being balanced.

Harper has said the federal deficit in the past fiscal year would be $5.2 billion, a fraction of the $16.6 billion forecast, but insisted there won’t be a surplus until next year.

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