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Written by Tim Cestnick
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Wednesday, 18 February 2009 13:37 |
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Reporting your spouse as dividends on your own tax return, where possible. Sure, it may sound crazy, but taking income from the lower income spouse and adding it to the income of the higher income spouse could actually save you taxes. You see, your spouse earns dividends eligible or in eligible from a Canadian company, he or she will be entitled to claim a dividend tax credit. This is simply a credit that is deducted from your taxes that your spouse would otherwise pay. But what if your spouse isn't going to pay any tax because of not having much income? In this case, the dividend tax credit could go to waste. |
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