Wait A Second – Did Ottawa Announce A Tax Increase Last Week?
On Thursday, Prime Minister Stephen Harper announced a suite of new measures: the Family Tax Cut (typically referred to as income-splitting), an enhancement of the Universal Child Care Benefit (which will replace the Child Tax Credit), and a $1,000 increase in the maximum amount that can be claimed under the Child Care Expense Deduction, per the government’s backgrounder.
“Tax cuts” is the phrase most commonly employed by writers (myself included!) when describing this package.
But, to adapt a remark made by The Princess Bride’s Inigo Montoya: People keep using that phrase. I do not think it means what they think it means.
That’s because the net effect of the government’s new measures is to increase personal income taxes.
READ MORE: https://businessincanada.com/2014/11/03/ottawa-stephen-harper-conservative-tax-increase-income-splitting-uccb/
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