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Privacy is an enemy when filing family tax returns - by Proccounting
Category :- Taxation

Author :- Proccounting 
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Posted on November 14, 2015, 12:38 am
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“Simon, just file my return for me this year. Don’t worry about my wife’s. You know, she is going to do hers by herself.”

This sounds easy. In fact, it is a challenge.

It may be OK to have some privacy between a couple, keeping a separate bank account or locking computer with a password. But when it comes to filing tax returns, it is not a good idea to keep secrets.

 

Use income splitting and credit transferal provisions to save tax

 

Although there is no joint filing of tax returns in Canada, there are provisions that allow for income splitting and credit transferal between spouses. Great tax savings can be achieved if the provisions are properly used. Just name a few examples. Pension Income Splitting introduced in 2007 provides an opportunity for pensioners to save tax by taking advantage of the nature of our progressive-tax-brackets system. Donations should be pooled together and claimed on one spouse’s return to maximize the credit. Unused tuition, education, and textbook amounts can be transferred and used by the spouse.

 

Information from both partners needed to claim certain tax credits

 

Some refundable tax credits can be claimed by either spouse. These include the Child Tax Benefits, GST/HST Credit, and the Working Income Tax Benefit. But the amount of benefits is based on family income. That means you need information from both partners.

 

Tax preparation requires a family focus

 

Now, I think that you get my point. Tax preparation requires a family focus, rather than individual. Filing tax return together wins more in tax savings for the family unit as a whole.

Proccounting provides accurate, convenient, and affordable tax return preparation services. Plus, clients get life time tax support for each return prepared. Click here for more information.

Source: http://www.proccounting.com/resources/tax-information/163-privacy-is-an-enemy-when-filing-family-tax-returns-by-proccounting


Comments : Proccounting provides accurate, convenient, and affordable tax preparation services, helping small business owners stay focused on their core business activities to achieve their goals.
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