Archive for March, 2015

Global News

Depending on your income and circumstances, recent changes to Canada’s tax system could provide you a bit of a break at tax time.

“Always do your research, there are always changes,” said Caroline Battista, senior tax analyst at H&R Block Canada. “Some years the changes are bigger than others, but there’s always changes. Make sure you’re getting back as much as you can.”

Here’s what’s new for the 2014 tax year:

1. Family Tax Cut

A new Family Tax Cut (FTC) was introduced in October 2014. It’s a non-refundable tax credit for eligible couples with children under 18.

Often referred to as income-splitting, the FTC allows a spouse or common-law partner to receive a credit (up to $2,000) based on the tax they would have saved if income had travelled from the higher income earner to the lower (up to $50,000 of taxable income).

“The income doesn’t actually travel to the other’s…

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