Prime Minister Stephen Harper has promised to allow parents of children under 18 to split up to $50,000 of their income annually to lower their taxes.
Harper says the tax-break would provide relief to nearly 1.8 million Canadian families who could save an average of $1,300 per year.
However, there’s a catch. This proposed plan would only be effective after the deficit is cleared in 2015.
The initiative would cost the federal government $2.5-billion annually.