<div id="attachment_138034" style="width: 411px" class="wp-caption alignleft"><img class="size-full wp-image-138034" src="http://www.moneysense.ca/wp-content/uploads/2015/11/Give-kids-money_401.jpg" alt="child allowance" width="401" height="217" srcset="http://www.moneysense.ca/wp-content/uploads/2015/11/Give-kids-money_401-300x162.jpg 300w, http://www.moneysense.ca/wp-content/uploads/2015/11/Give-kids-money_401.jpg 401w, http://www.moneysense.ca/wp-content/uploads/2015/11/Give-kids-money_401-400x217.jpg 400w" sizes="(max-width: 401px) 100vw, 401px" /><p class="wp-caption-text">(Chris Ryan / Getty Images)</p></div>
<p>In 2014, the Conservatives introduced this credit, which allows families with children under the age of 18 to shift $50,000 of income from a higher-earning spouse to a lower-earning spouse for total tax savings of up to $2,000 per couple. While the benefit was repealed in December when the Liberals took over from the Conservatives, you can still claim it for the 2015 tax year.</p>
<p><strong>The bottom line:</strong> The couples who will benefit most from this soon-to-be-gone tax credit are those with a large income disparity and earn roughly $60,000 to $70,000 in combined income. At that point couples will hit the $2,000 cap, so those with higher incomes will not get a larger benefit.</p>
<p>More <a href="http://www.moneysense.ca/?p=151178" >tax tips</a> here.</p>
<p>The post <a rel="nofollow" href="http://www.moneysense.ca/save/taxes/claim-the-family-tax-cut-one-last-time/">Claim the Family Tax Cut one last time</a> appeared first on <a rel="nofollow" href="http://www.moneysense.ca/">MoneySense</a>.</p>
