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February 16, 2016

Income Splitting for Families to be phased out!

Written by Jordan Cahill

Family Income Splitting Tax Credit Eliminated

With the Liberals taking their seat in parliament, the income splitting rules introduced for tjhe 2014 tax year will be phased out for the 2016 tax year. This may seem like a bad thing, however the liberals have introduced new child tax benefit and child tax credit rates which will benefit all families with children - not just those who have one spouse with a significantly higher income than the other. In my opinion, families will be better off with the new regime going forward. 

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If you are self employed there are still several income splitting strategies that are available. Contact me to discuss these and how they may be applicable to your individual circumstances. 

If you have any questions about this or other personal income tax or corporate income tax matters, we would be happy to help you.

Contact us through our website or by phone at 604-985-0123.

Jordan Cahill

Jordan Cahill is a Chartered Accountant (CA) and Chartered Professional Accountant (CPA) with a bachelor degree in business from Simon Fraser University. He articled at a national CA firm in Vancouver,BC and previously held a position at the Canada Revenue Agency as a business auditor.

Jordan Cahill on LinkedIn

Website: www.cahillpro.com

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