How to turn off iOS Calendar Notifications for iCloud shared calendars

This is different on iOS 8.

As described on iPad Academy, the option is located in Settings → Notifications → Calendar → Shared Calendar Changes.

1. Settings > Notifications

2. Calendar

3. Shared Calendar Changes

Go to Settings → Mail, Contacts, Calendars → Shared Calendar Alerts and slide the switch off.

Shared Calendar Alerts

When enabled, you will be notified about new, modified or deleted shared events.

In Calendar 7.0 (comes with Mavericks, OS X 10.9) you need to turn off alerts as shown in the CNET bit. (Preferences>Alerts>"Turn off shared calendar messages in Notification Center") You need to repeat for EACH account (use the drop down at the top of the page.)

To turn off notifications completely, you ALSO need to go back to the main calendar window, right click the calendar you want to silence, and check "Ignore alerts."