On October 30, 2014, Prime Minister Stephen Harper announced new measures to help make life more affordable for Canadian families. One of the proposed new measures was The Family Tax Cut, a federal tax credit that will allow a higher-income spouse to transfer up to $50,000 of taxable income to a spouse in a lower tax bracket. The credit will provide tax relief – capped at $2,000 – for couples with children under the age of 18, effective for the 2014 tax year.
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