Conservative income splitting plan is tax gift for wealthiest families: study
The Conservative government's plan to extend income splitting to families is skewed heavily in favour of the wealthiest, with the vast majority of families receiving no benefit at all, a new study has found.
The Canadian Centre for Policy Alternatives analysed the Conservative plan to allow parents with children under 18 to split up to $50,000 of income with their partner.
Senior economist David Macdonald found that 86 per cent all families would gain no benefit at all from the tax loophole, expected to be the centrepiece of the Conservative Party's re-election campaign in 2015, after the federal budget is balanced.
Other key findings include:
"The bottom 60% of families (those making $56,000 or less) would receive, on average, $50. Most families in this group would receive no benefit whatsoever.
In contrast, the richest 5% of Canadian families — those making over $147,000 — would see an average benefit of $1,100, with one in 10 of this elite group gaining more than $5,000 from this loophole.
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http://www.pressprogress.ca/en/post/conservative-income-splitting-plan-tax-gift-wealthiest-families-study
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