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Income Splitting plus other Family measures

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  • #46
    anyone who is married with no kids should be happy to have GST rebates and income tax refund if they qualify and low income families should be happy to have GST rebates , child tax credits and income tax refund if they qualify too.
    Edmonton Rocks Rocks Rocks

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    • #47
      Originally posted by nobleea View Post
      Originally posted by Cured View Post
      After a couple of reads through the official site...
      I think it is only a marginal improvement at best over the current system - once everything is taken into consideration.
      for example:
      if you are married and make $100k and your spouse makes no income, you have 4 children ages 1,5,11, and 13.

      you currently get $200 per month(taxable) in Universal Child Benefit money plus around $330 per month(non taxable) in Child Tax Credits.

      In the new system you would get $440 per month(taxable) in Universal Child Benefit money but $0 per month in Child Tax Credits(because the program will be gone). If the income splitting benefit is capped at $2000 then that's only an extra $166 per month.

      So old plan =$530 per month, new plan =$606 per month.

      When the 5 year old turns 6 you loose out on $100 per month. So now with the new program your actual cash benefit is worse than what we have now.

      Am i missing something?
      When your 5yr old turns 6, you lose out on $100/mo in both cases. So the new plan is still better.
      That is incorrect.

      Child tax credit has adjustments at age 7,12, and 16 and is stepped based on income. For my example above CTC would pay roughly $350 per month(if all 4 kids were between 7 and 15). Versus $240 per month with the new system. The difference is only made up via the income splitting benefit. Pretty much even in the end.

      Say the income being split is only $70,000. In that case you would be receiving approx $430 per month with CTC. In the new system it is still only $240.

      This is the calculator for CTC
      http://www.cra-arc.gc.ca/ebci/icbc/s...SimnController

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      • #48
        I should imagine next year the basic tax deduction will be set higher.
        Gone............................and very quickly forgotten may I add.

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        • #49
          ^funny thing is, even if they did that, opposition can say, "why are you giving tax breaks for high earners" (since it benefits everyone, lol). I agree that idea though, the less people who have to pay tax the better, helps them, and makes things simpler.

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          • #50
            Originally posted by Drumbones View Post
            Gifts to $100,000 plus income earners by the government while poorer and homeless suffer sounds typical, after all who votes less?
            Why should poor/homeless/single parents get all the breaks all the time?

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            • #51
              Originally posted by jizzaldo View Post
              Why should poor/homeless/single parents get all the breaks all the time?
              I agree.

              I have a full time job plus a part time job on top of that, and I work very VERY hard at both of them to keep my family and my home comfortable. I pay a lot of taxes. The government takes a big cut of my earnings every year. Any financial breaks from the government is welcome, and frankly I feel like I earned it.

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