Sentences with phrase «common law partner amount»

On that basis, your wife's spousal RRSP withdrawal could cost you from 20 % to over 50 % tax, Jeff, whether indirectly due to a reduction in your spouse or common law partner amount tax credit or directly due to spousal RRSP income attribution.

Not exact matches

After the death of the contributor, his surviving spouse or common - law partner is eligible to receive 60 percent of the pension amount till her death.

The maximum tax credit amount is $ 6,883 for those caring for infirm dependents, and can include parents / grandparents, brothers, sisters, aunts, uncles, nieces, nephews, adult children, spouse or common - law partner.

Incidentally, eligible pension income that is elected split pension income from your spouse or common law partner will qualify you for the pension income amount.

Eligible Dependent Credit In order to qualify for this amount, you must be the sole supporter of a dependent who was living with you in 2014 — meaning you do not have a spouse or common - law partner or you were not living with or being supported by a spouse or common - law partner.

Pension income splitting was introduced in 2007 to allow you to move up to 50 % of your eligible pension income to your spouse or common law partner's tax return if you received pension income eligible for the pension income amount.

For 2016, the spouse or common - law partner amount is also equal to $ 11,474.

The extent to which pension income splitting will be beneficial will depend on the marginal tax bracket of you and your spouse or common - law partner, as well as the amount of qualifying income that can be split.

Generally, the amount you can contribute to your own RRSPs or your spouse's RRSPs, or your common - law partner's RRSPs for a given tax year without tax implications is determined by your RRSP deduction limit.

Another result of pension splitting is that the income tax withheld from your pension income will be reported on your spouse or common - law partner's return, proportional to the amount of income being split.

(ii) to the extent that the spouse or common - law partner does not, at the time of the contribution of the property under the TFSA, have an excess TFSA amount (as defined in subsection 207.01 (1)-RRB-.»

This is because when your spouse has low or no income, you get to claim a spouse or common - law partner amount on your tax return.

Subject to age restrictions, you may contribute any amount up to your maximum to your RRSP, an RRSP set up for your spouse or common - law partner, or a combination of both.

If the agreement or court order doesn't identify an amount as being solely for the support of a spouse or common - law partner, it will be treated as child support.

If your spouse or common - law partner qualifies for certain tax credits, but doesn't need the whole amount to reduce the tax they owe to zero, you may be able to claim all or part of their unused credits.

Home Buyers» Tax Credit (HBTC): Like the Home Buyers» Plan, if you haven't lived in another home owned by you or your spouse or common - law partner in any of the four preceding years and you acquire a qualifying home (a housing unit located in Canada that will be your principal residence), you can claim an amount of $ 5,000 for the Home Buyers» Tax Credit (HBTC).