Share, Split & Combine for Spousal Tax Savings – Tip #4
This is the fourth of a 5-part financial tips series focusing on tax savings opportunities and strategies for spouses.
Spousal Tax Savings Tip #4 – Transfers
While deductions such as child care expenses should be claimed on the tax return of the lower earning spouse, other tax credits that can’t be fully used by one spouse may be transferred to the return of the other spouse. Some of these credits include the:
- Pension income amount
- Age amount
- Tuition and education amounts
- Disability amount
In The Series:
Courtesy of Marta Stiteler, MA CFP CIM CLU, Financial Planner at Pillar Retirement Group/Worldsource Financial Management Inc.
Marta can be reached at: Pillar Retirement Group, 50 Coreslab Drive, Flamborough ON L9H 0B2. T: 905-690-5038 E: firstname.lastname@example.org
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