The Harper government made a big announcement today that could save your family big bucks, but the provincial government is worried over its impact.

This is Harper's biggest campaign pledge to date, and it’s a move that comes ahead of next October’s election.

In a press release Thursday, the federal government explained the new measures:

The Family Tax Cut, a federal tax credit that will allow a higher-income spouse to transfer up to $50,000 of taxable income to a spouse in a lower tax bracket. The credit will provide tax relief – capped at $2,000 – for couples with children under the age of 18, effective for the 2014 tax year.

Increasing the Universal Child Care Benefit (UCCB) for children under age six. As of January 1, 2015, parents will receive a benefit of $160 per month for each child under the age of six – up from $100 per month. In a year, parents will receive up to $1,920 per child.

Expanding the UCCB to children aged six through 17. As of January 1, 2015, under the expanded UCCB, parents will receive a benefit of $60 per month for children aged six through 17. In a year, parents will receive up to $720 per child.

Increasing the Child Care Expense Deduction dollar limits by $1,000, effective for the 2015 tax year. The maximum amounts that can be claimed will increase to $8,000 from $7,000 for children under age seven, to $5,000 from $4,000 for children aged seven through 16, and to $11,000 from $10,000 for children who are eligible for the Disability Tax Credit.

With four billion dollars in savings, the big ticket tax break is aimed at appealing to two parent households with children under 18.

"Whenever news like this comes along, it's always a very great opportunity for people to do some yearend tax planning, and to think about how they're going to use the newfound money," said Evelyn Jacks, president of the Knowledge Bureau.

She notes the move may not last forever.

Manitoba Finance Minister Jennifer Howard said this could cost the province between $20-50 million from its budget and she said Manitoba can’t afford that.

"We are not really in a position to consider massive tax cuts at the moment,” said Howard.

But provincial governments can opt out of income splitting, meaning you would get a federal credit but not a provincial credit.

Tax experts say income splitting gives the best benefits to families with a combined income of $60-70 thousand.