Canadian Tax Season - Tip For Brides
Wednesday, March 18th, 2009Can you hear him? Can you hear the taxman? Below are a few things brides/grooms (past and present) should make note of.
For those Canadians who were married in 2008 and made a charitable donation in 2008 in lieu of wedding favours/bomboniers, these may be able to go towards your 2008 taxes. Why do I say maybe? Make sure they are indeed acceptable/registered taxable charities.
Canadians: Do a search on your charity.
Donations must be made by December 31st to be claimed against your income for the current year. However, you do not have to claim all of the donations you made this year on your current-year return. You can carry forward any donations you do not claim in the current year and claim them on your return for any of the next five years. You can only claim donations once.
For those Canadian brides/grooms who have decided to donate to a charity, check which charity is registered so you can take advantage of this tax break. Remember, the “Human Fund” is not considered a registered charity
Lastly, if you were married in 2008, you are now required to submit taxes as a couple. “Regardless of when you were married, if on Dec 31, 2008 you were “married” the government considers you married for the entire year for tax purposes”. Source, my accountant.
Disclaimer: I am not qualified to provide tax advice. Please refer to your personal accountant and/or government sources for valid tax recommendations. If I have stated anything that is non-factual, please email me and I will update this post with accurate information.
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