In-Trust Accounts: The Basics

Tax Planning using Private Corporations

In a recent article, I wrote about the importance of correctly reporting marital status on personal tax returns. The Canada Revenue Agency (CRA) is keenly interested in marital status as certain benefits (including GST/HST credits, Canada child benefits, child-care deductions and eligible dependent claims) are calculated based on this status. However, marital status extends beyond the task of checking a box on a tax return; it can play a role in deeper tax and estate planning scenarios.

Marital status options for tax filing. Canada’s tax system requires every individual to file an income tax return for the year, even if they are married or living in a common-law relationship. Canada does not have joint married or common-law partner returns.