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Thread: income sharing

Created on: Jan 05, 2018 @ 10:21 AM
Replies: 0
income sharing
Jan 05, 2018 @ 10:21 AM
hugh
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Joined: Dec 23, 2017
Posts: 6

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I always did my families income taxes every year. Then about 3 years ago my wife who had worked at Safeway for 35 years said that her union had an accountant who would do her atxes and mine for a very good price. So off we went. The accountant was using one of those tax programs anyone can buy, we get ours at Costco. He asked if we wanted to use the income splitting feature. Now when I had been manually preparing my taxes I had always felt slightly frustated by all the forms so had never used the income splitting feature. Long story short there was a signifgant saving to us by my splitting my pension income with my spouse. So i got on the phone to the CRA and found out 2 very important things. Turned out we are allowed to go back a number of years, I think it was 7 or 8 to refile and correct previous years. Now I usually keep my tax records for only 3 years and this is important, the tax man has all the info sent to them and they keep the records a lot longer than most people. And when you reach the right person at CRA they will mail out previous years T4's etc along with the forms needed to make the income splitting claim. It got me a few thousand dollars back. Hopefully this info helps someone.

 

 

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