What is the difference if I file my wife's and my tax return seperately as opposed to a joint return?

Even if you are married, you must submit your own individual tax return),  there can be several pros and cons in choosing how to file your return as a married taxpayer.

*Note: The CRA will wait to process spousal returns until both have been received. Your return will not be processed quicker if completed before your spouse.

Filing a joint return:

Pros:

• Information for both spouses is prepared and entered together.
• Your credits and benefits are automatically maximized.
• The process of transferring amounts between spouses, splitting pensions, and dealing with RRSPs is easier.

Con:

• You must use the same version of TurboTax software (and for TurboTax Online users, pay the same price).

Filing separate returns:

Pros:

• Allows you to enter separate addresses.
• Each person can do their own return, in the version of TurboTax software that works for them.

Cons:

• You will need to manually enter all your spouse's information.
• You may need to fill in more information and do more manual calculations.

 

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