Mr. Speaker, the Conservatives' new income splitting is not just unfair; it is so complex even tax experts writing the legislation got it wrong no less than three times.
To apply for income splitting, Canadians must follow an 85-step process. I saw what looked like an error in how it was calculated, so I asked about it at the budget bill briefing Monday night. In response, a Finance official confirmed that some families were being shortchanged on their 2014 tax return by as much as $750.
The error affects families that qualify for both income splitting and education-related tax credits. The error was in ways and means motions that passed on November 4 and March 25, and in BillC-57.
The budget bill is the Conservatives' fourth attempt at getting the legislation right. The Liberals' plan for fairness is much simpler. We will replace income splitting and a complex array of programs with one bigger, fairer, tax-free monthly cheque on which Canadian families can rely.