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SERVING ONTARIO SINCE 1985

 

Spousal Amount

In the year of relationship breakdown, the spousal amount is based on the income “while married” unlike the year of “marriage” where the spousal amount is based on the income of the spouse for the entire year! If you must break up, wait until the first week of January and you will probably be able to claim each other on your tax returns in that year!(just be sure you stay apart if you want the tax deduction)

Disclaimer: Given the complexity of tax legislation and the general nature of the following information, no action should be undertaken without appropriate due diligence. Neither AccuTax Financial Services Inc. nor R.D. (Ron) Van Rooyen accepts any contractual, tortuous or other form of liability for the content of this information or any consequences arising from its use.

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