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?
Find out more strategies to Save on Income Tax Sign up Here
RSS Feed