Mar 25, 2016
By Bob Sheppard
The Federal Finance Minister wants to make sure Canada’s tax code jibes with his Liberal government’s approach to tax fairness.
Bill Morneau says for that reason he’s looking closely at all targeted tax breaks.
His budget, delivered on Tuesday, increased taxes on Canadians earning more than 200-thousand dollars a year, and it also eliminated tax breaks brought in by the Conservatives for children’s fitness and arts programs.
Morneau also included a tax cut for middle-income earners, a tax-free child benefit, and a credit for teachers who buy supplies for their classroom.
While the budget cancels income splitting for families with young children, it keeps income splitting for seniors in place.
88As well, the budget gets rid of income splitting for families with young children but leaves in place pension splitting for seniors.