The family tax cut provides a tax credit to families with children under 18 equal to the tax savings that would be realized if up to $50,000 of taxable income were transferred from the higher income to the lower income spouse or common-law partner. The maximum credit is $2,000.
Families with a single-income earner will get the most back from this credit. For example, a family where one spouse works full-time and the other is a stay-at-home parent can likely take full advantage of this tax credit. You can also benefit if you or your spouse works full-time and the other part-time. The larger the gap between incomes, the more relief eligible families can receive.
To learn more about whether you qualify for the Family Tax Credit and to get the most back, visit your local H&R Office and speak with one of our tax experts.