The Family Tax Cut is a new federal non-refundable tax credit of up to $2,000 for couples with children under the age of 18, effective for the 2014 and subsequent taxation years. The credit will allow the higher-income spouse to, in effect, transfer up to $50,000 of taxable income to a spouse or common-law partner in a lower income tax bracket for federal tax purposes, up to a maximum tax saving benefit of $2,000.
See also:
Family Tax Cut – Overview
Family Tax Cut – Calculator
