Today, I will be talking about couple that have no children.
There are a few combinations :
- we might have a couple where both members are bread-winners, or
- one person is a bread-winner and the other is a home-maker, or
- both persons are home-makers or
- one bread-winner and one student
There are other possibilities, but I will only focus on the first two combinations. As for the other two, I will have other posts for them.
Whether both of you are working, it is always better to conjointly prepare the tax return. Why? Simply because the Federal and Quebec governments allow transfer of credit between spouses/partners. Further, you will be able to minimize your tax liabilities and get the maximum out of certain tax credits.
In a nutshell your deductions and tax credits are similar (not exactly) to a single-person tax return, except that as a couple, you can transfer some of your credits.
Instead of having to decipher among the myriad of credits and deductions that don’t necessarily apply to your situation, the tables below will give you a visual support to know what you can claim.
Keep in mind that you might be entitled to other claims especially if you have investments. But I reserve stand-alone posts for investments, RRSP, HBP, Capital Gain, Dividends, etc.
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Let’s see where you can save some “lana”