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Filing Taxes With Your Spouse or Common-Law Partnerin KD Professional Accounting Services News
Are you getting married or moving in with a partner soon? In this edition of the KD Blog, we look at some of the biggest changes that affect married couples. In Canada, common-law partners are treated the same way as spouses when it comes to tax returns. You are eligible for common-law status after having lived together for a period of 12 months if no children are involved. If children are involved, you are considered "common-law" from the day you move in with your child's biological or adoptive parent.
One of the biggest benefits of filing as a married or common-law couple, is that you can claim all or part of your partner's age, pension income and disability amounts if they don't need them to reduce their taxes to zero. You can also combine medical expenses and charitable donations to your advantage. Deductions and benefits regarding education expenses can also be shared or transferred between partners.
When it comes to government cheques, some of your payments and benefits may change. Many provincial tax credit programs are based on the income of the couple, not the individual.
If you have any questions about filing your tax return with your spouse or common-law partner, ask the experienced tax accountants at KD! We'd be happy to assist with your entire income tax return process.