File as a Family to Save on Income Tax
You can save thousands of dollars by filing all your family's income tax returns together. If you file as a family, you can transfer deductions and credits amongst family members, split income for better after-tax results and even make better investment decisions.
So, start with the lowest-income earner, then work your way up to the highest-income earner. Keep an eye on net income levels and sources of income.
Does each eligible family member contribute to his or her RRSP and Tax-Free Savings Account? Do you know who in your family qualifies for each? Do you know how much contribution room is available?
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