May 24, 2022
Tax and Estate Planning for Your Two Spouses
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.