A lot of high-income earners have taken to the airwaves and social media purporting to be against Stephen Harper’s latest tax cut.
On Thursday, Harper introduced several tax measures targeted at families with children under the age of 18.
One of the measures was income splitting which would allow a higher-income spouse to transfer up to $50,000 of taxable income to a spouse in a lower tax bracket as a strategy to lower their overall tax burden.
Pundits and analysts were quick to jump on that particular measure claiming that it didn’t help Canada’s middle or low-income earners. Some well-off analysts even claimed that they — personally — didn’t need the benefit.
Liberal leader Justin Trudeau also inserted his own family situation into the debate.
"Income splitting is an idea that will give a $2,000 tax break to families like mine or Mr. Harper’s. That’s not good enough.” Trudeau told reporters on Wednesday.
Well, cabinet minister Pierre Poilievre has some advice for Trudeau — and perhaps others — who claim that they don’t want the tax cut.
"If Trudeau doesn’t want PM’s family tax cut, he should donate his savings to RevCan, rather than raising taxes for everyone else," Poliievre wrote on Twitter,
Political motivations aside, it’s a valid point.
Trudeau has previously said that, should he be elected, he would repeal income splitting.
But what about the others?
If one wants to complain about that particular tax cut, shouldn’t they repay their portion of the tax saving?
Luckily for them, in Canada there is actually mechanism for doing that.
Canadians can donate money to the federal debt servicing and reduction account via the Receiver General.
Donations will only be used to service the national debt — which now stands at approximately $613,577,286,400 or $17,359 for every man, woman and child in the country.
According to a 2012 CBC report, Canadians donated $22 million to the account between 2001/02 and 2011/12 — half of which came in 2011.
The United States and the Government of Ontario also have such programs.
So, if you’re a high income earner who doesn’t like Stephen Harper’s income splitting tax cut, you can send your benefit back to the federal government.
According to CRA, you will get a tax receipt.
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