When it comes to getting the best return for money, it is important to file all family returns together, and get to understand them too, by keeping an eye on income levels and sources. This will help you make better investment decisions...like when to contribute to RRSPs and the Tax Free Savings Accounts-and get more cash back from tax credits and social benefits.

If you are working with a professional advisor, enlist their help before year end. There are three simple steps you'll want to know more about:


1. Review each return separately and make sure it's prepared to the individual's best tax benefit, starting with the lowest income earner and working you way up the the highest.


2. Now look at the results on each return from a family, rather than individual, viewpoint. Did you claim all transferrable deductions and remember to split family income?


3. Now tweak your tax and financial plans, to make the best investiment decisions for the family unit as a whole.

 


Comments

Like filing as a family but what if you are a gay couple? What options do you have there?

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Dave Lee
09/23/2011 18:44

If you are in Texas you might have some issues, but us Canadians give all
relationships the right to save income taxes.
I had a lady who wanted to deduct her dog expenses as part of her security system, but that didn't fly!

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