Family Tax Cut Calculator
Use this calculator to estimate your Family Tax Cut
credit for 2014 and see how much your savings
will grow if you invest the credit in a TFSA.
Taxable income for you in 2014
Taxable income for your spouse/partner in 2014
Estimated family tax cut for 2014
What if you invest the Family Tax Cut (FTC)?
What percentage of the FTC do you want to invest each year?
Amount invested each year in a TFSA
Rate of return
Estimated Family Tax Cut
[No canvas support]
The Family Tax Cut is non-refundable federal tax cut available to couples with children under the
age of 18.
It allows one spouse to "effectively" transfer up to $50,000 of taxable income to a
spouse in a lower tax bracket. The maximum federal tax credit is $2,000 and there are no
provincial tax savings. Calculations are based on 2014 federal marginal tax rates and incorporate
the basic personal amount credit only. Taxable income is the amount on line 260 of your
individual income tax return. Annual investments in the TFSA are made at the end of the year.
This calculator is for illustration purposes only and is not intended to calculate your actual tax
liability. We recommend that you seek out your own legal, accounting, tax or professional advice
regarding your personal tax situation.