Being married or in a common-law relationship offers unique tax opportunities in Canada. Not only do you share personal and emotional experiences, you also encounter shared financial responsibilities and benefits. One such advantage lies in the realm of taxation, where strategic planning can lead to potential savings. Here are some of the ways you can save on taxes as a married or common-law couple:
Spousal Tax Credit
The one who earns the higher income might be eligible for a non-refundable tax credit.
Pool Your Charitable Donations
If you both make charitable contributions, you could pool them together for a larger tax credit.
Pool Medical Expenses
Medical expenses can be claimed by a spouse / common-law partner on your income taxes.
Child Care Expenses
Some of your child care expenses may be deductible on your tax return.
Let’s explore the different ways you and your partner can save on taxes as a couple in the infographic below:
