Is there a significant difference between filing single or joint with my spouse?

As per our TurboTax article: Facts Every Canadian Needs to Know About Filing Coupled Tax Returns

Filling out your partner’s information on your tax return is fairly straightforward, but deciding which credits or expenses to claim on each return can be confusing.

To help, TurboTax offers coupled returns starting from TurboTax Standard products which are prepared simultaneously. All TurboTax programs prompt you to enter information about you and your spouse, and while entering the information, the tax software crunches the numbers and decides who benefits from which credits, optimizing your returns to minimize your overall taxes owed, and maximize refunds and tax credits where possible.

TurboTax also helps you avoid common mistakes that people make when filing returns as married or common-law, which is important because if you file incorrectly, the CRA may reassess your returns, and if you owe additional taxes, may impose additional interest and penalties.

According to Canada Revenue Agency (CRA) living as a married or common-law couple can affect the amount of federal tax you pay. This includes tax on both your income and investments. 

Learning about different income tax options may save you a lot of money. For example, you may be 

eligible for non-refundable tax credits.

Consider the following information when you do your taxes as a couple:

Spousal tax credit

You may be eligible for a non-refundable tax credit if your spouse or common-law partner has a lower income. This may reduce the amount of income tax you’ll need to pay.

Find out if you’re eligible for spouse and common-law deductions.

Pool your charitable donations

You may get a non-refundable tax credit when you donate to registered charities. Consider pooling your charitable donations with your spouse or common-law partner to get a larger tax credit. To do this, one partner claims all of the couple’s donations on his or her income tax return.

Learn how to get a tax credit from charitable donations and gifts.

For more information, read the following articles:

Facts Every Canadian Needs to Know About Filing Coupled Tax Returns 

Love and Taxes: The Married Couple’s Guide to Taxes 

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