Getting married and having kids. This isn’t something that you would think is appropriate to an accounting firm’s website. But just consider this: Every family in Canada files multiple tax returns.
The family is the cornerstone to the Canadian income tax system. Every time there is a change in your status; marriage, children, divorce and even death, there’s a change to your tax status.
At Clarity Accounting & Tax Solutions we are a family oriented firm, and as such are sensitive to the “Ins & Outs” of changes to a life situation. Marriage can drastically change a tax status especially if one spouse elects to remain home and become caregiver to the children. The taxpayer gets a personal deduction and then a married deduction, thereby drastically reducing their income taxes.
Having a child results in many different tax-reducing situations. There are any number of deductions that life with a child engenders: the child-tax benefit, the universal child-care benefit even deductions for fitness and day-care providers.
Let Clarity Accounting & Tax Solutions guide you through the maze that is personal income taxes.