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Family Tax Cut

For 2014 and 2015, Budget 2015 introduces a change to the calculation of the Family Tax Cut to allow the unused tuition, textbook and education credits transferred from a spouse or common-law partner.  This change will affect a very small percentage of families, and will ensure that these families receive the appropriate value of the Family Tax Cut.  The change may provide affected taxpayers between $2 and $750 more for the Family Tax Cut.

The CRA will automatically reassess taxpayers now that Royal Assent has been received, where it is apparent that they are entitled to an increased amount of the Family Tax Cut for 2014.  If you are in this situation, you won’t need to ask the CRA for an adjustment.

Note that the Minister of Finance on December 7, 2015 announced the government’s intention to eliminate the Family Tax Cut for 2016 and subsequent years.

Family having fun in countryside

 
 
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