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    
    Years invested    
    Rate of return   %
     
               
                            Taxable Income Federal    
    You Spouse Total Tax    
     Before Splitting    A  
     Split adjustment        
     After Splitting    B  
    Estimated Family Tax Cut  
         
    Taxable Income    
 
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   Assumptions            
  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.  
   Disclaimer            
   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.