Sentences with phrase «bracket than the spouse»

Elimination of the deduction will lead to higher revenues overall for the government because the person who deduced the alimony was likely in a higher tax bracket than the spouse declaring the alimony as income.

Not exact matches

Depending on the situation (like if your spouse is out of work, or if they are in a lower tax bracket than you), contributing to an RRSP might be a great idea even if you have enough retirement savings.

If your spouse or common - law partner is in a lower tax bracket than you, shifting this income to his or her hands helps lower the total family tax bill.

Setting up a spousal RRSP is a good idea if you expect your spouse or common - law partner to be in a lower tax bracket than you on retirement.

If you have a spouse, partner or kids in a lower tax bracket than you, consider a prescribed rate loan strategy whereby the higher - income spouse or partner loans funds to the lower - income spouse or partner to invest at the record low prescribed rate, which is at one per cent until at least March 31.

Under the old tax law, because the spouse receiving alimony or spousal maintenance is usually in a lower tax bracket after a divorce, more money stays with the divorcing couple rather than going to the Federal Government.

Divorcing couples frequently agree to allocate the exemption to the spouse with the higher tax bracket, because he or she will get greater tax savings from it than the other spouse.