81 Financial and Tax Tips for the Canadian Real Estate Investor by Don R. Campbell
Author:Don R. Campbell
Language: eng
Format: epub
Publisher: Wiley
Published: 2010-05-18T04:00:00+00:00
KEY INSIGHT
Tax credits are generally calculated at the lowest tax bracket, whereas a deduction is based on your marginal tax rate. When it comes to completing your tax forms for a given year, your accountant will likely recommend you pool your medical and charitable donations to one spouse, due to additional threshold rules which apply to these specific credits. This can be difficult for some spouses to understand, but it is done to optimize tax within the family unit; not to make one spouse the “beneficiary” of particular tax benefits.
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