Knowing the different tax benefits and changes after marriage can help you better prepare for filing your taxes next year. At Leskun & Son Accounting, we want to help ensure that you get the best tax return possible. That is why we offer a range of accounting services, including tax services for individuals.
3 Ways Getting Married Affects Taxes
Some of the ways getting married can affect your taxes include:
After marriage, couples will need to inform the CRA of their marriage by the end of the month following the wedding date in order to allow the CRA to recalculate benefits as soon as possible. When filing your taxes as a couple, the CRA will prompt you to note your marital status, request the name of your spouse or partner, as well as ask for their social insurance number, net income, and information about benefits received and repaid. All of this information will help the CRA determine which common income-based benefits are affected by your marital status.
One of the most significant tax benefits available to married couples is spousal transfers. A spousal transfer allows one person to transfer certain non-refundable credits to their spouse in order to help them reduce their tax liability. Some common spousal transfers include: the age amount, pension income amount, disability amount, and tuition and education expenses.
In some cases, married couples may be able to benefit from the spousal amount, which is a non-refundable credit claimed for supporting a spouse at any time during the year. This tax credit can also be claimed if a spouse earned a net income less than $11,635 in 2017.
If you would like to learn more tax benefits and changes after marriage, or if you are interested in one of our services, please contact Leskun & Son Accounting at 1-877-826-1219 or by filling out a contact form on our website. We are proud to offer a wide range for accounting services, including tax services, bookkeeping, and business consulting, to businesses throughout Langley, Mission, and Abbotsford.