Big news out of Ottawa this week as the Harper regime unveiled its long-awaited (and controversial) plan for family income-splitting.
The Conservatives announced that couples with children under 18 will be allowed to transfer up to $50,000 in income from the higher earner to the lower earner in the form of a non-refundable federal tax credit that’s capped at $2,000.
Other measures will be implemented starting in 2015. The means-tested Child Tax Credit will be scrapped in favour of an enhanced Universal Child Care Benefit – one that will pay $160 per month for children under 6, and $60 per month for children aged 6-17.
Are you in favour of these new tax cuts? Will they benefit you and your family? Let us know in the comments.
This week’s recap:
Last Friday, Sandi Martin wrote about budgets, cash flow, and spending.
On Monday we asked 15 personal finance experts to share their thoughts on borrowing to invest. Stay tuned for part-two of that series next week.
On Wednesday, Marie asked if a do-it-yourself will is ever appropriate.
Weekend Reading
PWL Capital’s Justin Bender launched a new blog called Canadian Portfolio Manager which is aimed at DIY investors and advisors. It looks like a great resource for model portfolios, rate of return calculators, and a ton of market data.
Bell Media announced a new streaming service that will include access to HBO’s entire library of television shows, documentaries, and comedy specials.
The credit card industry is headed for some turmoil, according to this blog post. That’s because federal Finance Minister Joe Oliver asked Visa and MasterCard to voluntarily lower its interchange fees or face the risk of regulation.
Rob Carrick explains why Canada needs to update its RRIF withdrawal rules.
John Heinzl answers a question from a reader: Should I bank on an all-bank portfolio?
A former Wall Street broker explains why he got fed up and left that part of the financial services industry.
Dan Bortolotti describes the advisor six-pack: a hodgepodge of mutual funds thrown together without a coherent strategy.
Michael James on Money revealed his asset allocation.
Ben Carlson had a smart post all about words and phrases that should be banished from finance.
Adam Mayers looks at the coming health benefits shock for retirees.
Financial Uproar says credit card hacking isn’t all it’s hacked up to be.
Sheryl Smolkin explained why using Aeroplan points didn’t add up for her.
Happy Halloween, everyone!
