Prime Minister Stephen Harper and Finance Minister Joe Oliver are due to make a major announcement Thursday – expected to touch on financial measures for families.

Harper referred to the event Wednesday morning.

Political and business people have been waiting to see what the government will unveil – in the fall economic update.

There’s speculation that Harper and Oliver are set to announce some form of income splitting for couples with children – a 2011 election promise that hinged on a balanced budget.

The concept embodies the idea that spouses would pool their incomes when they fill out their tax returns – reducing their taxable income – depending on their financial situation.

Seniors can already take advantage of income splitting.