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:

Spousal Tax Savings Tip #1 - Split Income With Your Spouse

Spousal Tax Savings Tip #2 - Medical Expenses

Spousal Tax Savings Tip #3 – Charitable Donations

Spousal Tax Savings Tip #4 – Transfers

Spousal Tax Savings Tip #5 – Sharing Your CPP

Share, Split & Combine for Tax Savings

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: marta@pillarretirement.com

The information provided herein is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal, accounting, or professional advice. Readers should consult their own subject matter experts for advice on the specific circumstances before taking any action. This information has been obtained from sources, which we believe to be reliable, but we cannot guarantee its accuracy or completeness. Worldsource Financial Management Inc. does not assume any liability for any inaccuracies in the information provided. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual Funds and some Segregated Funds are offered by Marta Stiteler through Worldsource Financial Management Inc. while other products and services are offered through Marta Stiteler.