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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