Family fun

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So we are now in mid March, the snow is melting and the sun is shining.  We are getting very busy at the office and looking forward to having you come in and get another year of taxes completed.
It was a week to celebrate the Irish, March Madness and spring time.

Also we have now started a facebook account check it out the name is of course, Henderson Campeau Chartered Accoutnants.





This week to build on the tax credit posting last week. I'll inform you that if you have a spouse,common law partner or dependants; and they don't use all of their tax credits, certain amounts can be transfered to you.

These credits include:

• Tuition credits (up to $5,000 federal and provincial)
• Disability credit
• Personal credit of $10,382
• Child amount (can be used by either parent)
• Age amount if you are over 64
• Pension amount (If you are receiving a pension the income can be split between spouses)
• Donations (the amount of donations between spouses can all be used by one individual)
• Medical expenses (family medical expenses can be optimized on one return)

These are a few examples of tax credits that can be strategically used to reduce a family's overall tax.
Therefore it is in your best interest to file the entire family's returns at the same time to ensure all the credits are optimized.

Additionally if you are single and have children, infirm dependants, elderly parents and maintain a dwelling for these dependants you may qualify for additional credits, such as eligible dependant amount or the caregiver tax credit.

Another confirmation that discussing your entire family situation with your accountant and for accountants getting to know their clients personal situation is very important.