Prime Minister Stephen Harper is aiming to make good on his promise to offer tax relief to Canadians.

How? By proposing changes to income-splitting that would benefit more Canadians and cap access to higher income families, reports The Globe and Mail. One option the government is considering is phasing in income-splitting so that it is initially only available to parents with young children.

The changes would also potentially lower the cost of implementing the tax cut, reports The Globe and Mail, which at the moment is more than $3-billion.

Read more.

Also read:

7 answers from CRA on insurance and tax

Advantages of testamentary trusts

Advice for income-savvy clients

Originally published on Advisor.ca

Add a comment

You must be logged in to comment.

Register on Advisor.ca