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Latest News
Fed: Card balances fell by $300 million in September + MORE Nov 8th
Credit card balances decreased in September, according to a federal government report released Tuesday..... More »
McKenna promises new measures this fall to cut carbon emissions - CTV News + MORE Oct 9th
CTV NewsMcKenna promises new measures this fall to cut carbon emissionsCTV NewsThe federal government will bring in additional measures later this fall to lower Canadian carbon emissions, Environment Minister Catherine McKenna says. Last week, Prime Minister Justin Trudeau announced he would impose .... More »
How to renovate your home on a fixed income + MORE Oct 24th
As many seniors know all too well, being “house rich, cash poor” is a common reality. You’ve paid off your home, and it’s worth a lot, but your monthly income doesn’t stretch as far as it used to. If you’re living on a fixed income, the thought of renovating your home can feel overwhelmi.... More »
Back-to-School Spending Struggles + MORE Sep 4th
We’ve all heard the tongue-in-cheek jingle: back-to-school is the “most wonderful time of the year”. But for many Canadian families, it’s a spending season that rivals Christmas. This year, rising consumer prices and a freshly-minted recession could send many scrambling for credit, just to .... More »
January 15 Update: Further BMO card changes, 75 Bonus AIR MILES via Travel Hub and more + MORE Jan 15th
Early today we released the details of the updated BMO Rewards World Elite Mastercard whose program changes went into effect today. It wasn't the only BMO card changing. Also today the BMO AIR MILES World Elite Mastercard now only offers a 15% discount when redeeming AIR MILES for flights in Nor.... More »
Unpacking the new tax breaks for families
– moneysense.ca
Raising one or more children? Get every penny you’re entitled to when filing your 2014 tax return this April by understanding the new tax measures for families recently introduced by the federal Conservatives.
Remember, some of these provisions could wither for the 2015 year if the current government does not regain its mandate at the next election and a new government overturns them.
Q: What’s the new “Family Tax Cut” all about and how do I claim it?
A: The “Family Tax Cut” essentially allows for income splitting whereby a higher earning spouse can transfer up to $50,000 of income to their lower earning spouse. However the tax benefits are calculated by way of an adjusted non-refundable tax credit on the income that may be claimed by you or an “eligible relation.” This is a Canadian resident spouse or common-law partner with whom you have a child under the age of 18. That child must reside with one or both of you.
The calculation of the credit, which provides tax relief to a maximum of $2,000 in 2014 and future tax years, is calculated as the difference between the combined taxes payable (after all credits are claimed) and the combined taxes that would be payable if the higher earner notionally transferred a specified portion of his or her income, to a maximum of $50,000, to the spouse…
