Once the wedding is over with and you have settled down to the routine of your new life as a married couple, there are certainly a lot of adjustments to make. Something you will need to give some serious thought to is filing your taxes and future tax planning. A good way to get yourself off on the right tax foot is to use the services of a Toronto Accountant. This expert can advise you as to the most tax saving methods to utilize for your returns.
The first thing you are going to discover about tax filing return is that you will no longer be able to class yourself as single. The year in which you became married affects your tax return. Perhaps in the past as a single individual you learned to master doing your own tax returns and they were basically the same every year. Now as a married individual you are facing some new tax challenges by having to make some decisions.
Not only do you have to consider your tax situation but you both need to look at how it affects each other. There are certain credits that you will be afforded but these will be based on your financial circumstances. The one thing to remember about CRA is they will scrutinize your returns for any potential errors that you may have made that would result in a wrong tax filing that excluded money owed to them. If there is tax benefits that you have not claimed however, don’t be under the impression that CRA will automatically make the adjustments for you.
What you have to realize that in Canada ignorance of the law is no excuse and this applies to the tax laws. Yet when you look at this set of laws they are certainly not easy to decipher. This is one of the main reasons that many people including newlyweds rely on Toronto Accountants to file their returns for them.
It isn’t just a matter of the current year’s taxes as a newly married couple that you need to be concerned about either. What you want to take advantage of is how you can plan your future, so you are able to put yourself in a position as a married couple to capitalize on any potential tax breaks that may be available to you. A Toronto tax accountant has all of the knowledge and expertise in this area that could really help in making a significant difference in how much money remains in your pocket at the end of a tax year, and how much goes to the tax department. It is always financially frugal to plan ahead and this is definitely true when it comes to Canadian taxes.
As a Toronto Accountant I have had the pleasure of providing tax services to newlyweds for many years. These same clients have continued with my services over the years, and as a result have the comfort of knowing that they are in the best tax situation they can be that is applicable to their circumstances. I would be most pleased to offer my tax services to you and your spouse. Just fill in the handy no obligation tax consultation form on the side here, and let’s get the first year of taxes as a married couple off to the right start.
