POLITICS

A quick look at 2011 Conservative election pledges aimed at families

11/17/2014 05:06 EST | Updated 01/17/2015 05:59 EST
OTTAWA - A look at tax-and-benefit measures aimed at families that were promised by the Conservatives in the 2011 election campaign, contingent on a balanced budget.

Two 2011 Tory election promises that have already been announced:

Income splitting: The Conservative government's "Family Tax Cut'' will allow an eligible taxpayer to transfer up to $50,000 of income to his or her spouse to collect a non-refundable tax credit of up to $2,000 per year. It applies to families with children under 18, effective in the 2014 tax year. The tax cut is expected to use up nearly $2.4 billion of tax revenue in 2014-15 and around $2 billion per year over the following five years.

Doubling the children's fitness tax credit: Parents can claim a tax credit of up to $1,000 for registration fees for physical activity programs for their kids, starting in the 2014 tax year. The credit will be made refundable in 2015. Measure would reduce government tax revenues by an estimated $32 million in its first year and $130 million the following year.

Two 2011 Tory election pledges yet to be announced:

Doubling limit for tax-free savings accounts: TFSA contribution limits would increase to $10,000 per year. The Tories listed the estimated cost at $7.5 million in the first year and $30 million in the second year of implementation.

Adult-fitness tax credit: Tax credit would cover up to $500 in fitness registration fees. The party estimated in 2011 it would cost $69 million in its first year and $275 million the following year.