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Is there any difference between joint preparation and separate preparation? I prefer to split some income to my wife manually so that I can get benefit from RRSP.
In my situation, I have 115,000 cad income in 2014 while my wife is 25000 cad. I contributed 20,000 cad to RRSP and my wife contributed 20000 cad to RRSP also. Can I use separate preparation and split some income to my wife so that it make my wife's RRSP MORE valuable for her refund?
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October 29, 2019
6:16 PM
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October 29, 2019
6:16 PM
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Is there any difference between joint preparation and separate preparation? I prefer to split some income to my wife manually so that I can get benefit from RRSP.
thank you.
October 29, 2019
6:16 PM
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Is there any difference between joint preparation and separate preparation? I prefer to split some income to my wife manually so that I can get benefit from RRSP.
What forms if income do you have? Employment?
October 29, 2019
6:16 PM
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Is there any difference between joint preparation and separate preparation? I prefer to split some income to my wife manually so that I can get benefit from RRSP.
All incomes are from employment.
October 29, 2019
6:16 PM
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Is there any difference between joint preparation and separate preparation? I prefer to split some income to my wife manually so that I can get benefit from RRSP.
That rules out pension spitting.
Also, if you are an employee and so is your spouse, that pretty much rules out splitting income at source, for example by employing your partner or children.
If you have dependant children under 18 living with you and supported by you, you could receive up to $2000 Family Tax Cut, although this not real income splitting.
I'd suggest you be careful with RRSP amounts. Make sure that neither of you exceed your 2014 Amount A deduction limit. Obviously, the more you put into your RRSP the better , up to your limit, since you have a higher marginal tax rate. At your spouse's income level, you may also want to look at TFSAs.
If you like this, let me know and I'll make it answer.
Also, if you are an employee and so is your spouse, that pretty much rules out splitting income at source, for example by employing your partner or children.
If you have dependant children under 18 living with you and supported by you, you could receive up to $2000 Family Tax Cut, although this not real income splitting.
I'd suggest you be careful with RRSP amounts. Make sure that neither of you exceed your 2014 Amount A deduction limit. Obviously, the more you put into your RRSP the better , up to your limit, since you have a higher marginal tax rate. At your spouse's income level, you may also want to look at TFSAs.
If you like this, let me know and I'll make it answer.
October 29, 2019
6:16 PM
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Is there any difference between joint preparation and separate preparation? I prefer to split some income to my wife manually so that I can get benefit from RRSP.
Please indicate a helpful if this is! Thx
October 29, 2019
6:16 PM
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Is there any difference between joint preparation and separate preparation? I prefer to split some income to my wife manually so that I can get benefit from RRSP.
thank you.
October 29, 2019
6:16 PM
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Is there any difference between joint preparation and separate preparation? I prefer to split some income to my wife manually so that I can get benefit from RRSP.
It is helpful. Thank you TonyC1.
October 29, 2019
6:16 PM
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Is there any difference between joint preparation and separate preparation? I prefer to split some income to my wife manually so that I can get benefit from RRSP.
Ok can you click the box for me? It may assist other people that have encountered this issue. Thx!
October 29, 2019
6:16 PM