Common-Law and Spouse taxation

[gooh]

I'm currently in the process of coming to Canada from the US via Common-Law. I know that I'll have a bunch of fun taxation things to sort through, but I read somewhere about how it would include my fiance.

- Is it better to keep our funds and bank accounts separate for tax filing purposes? Whether we're married or not?
- How exactly would that work if we were to share one account in terms of us dealing with my US tax papers?
- Would it make a difference if we were married or still only common-law and sharing an account?

 

[Roni07]

I'm certainly not an expert but will offer you my humble opinion.

- Is it better to keep our funds and bank accounts separate for tax filing purposes? Whether we're married or not?
A. yes this may very well be true, if you are keeping money in US as you'll be filing S taxes. I don't think for Canada it matters if you have a joint or separate accounts when it comes to CDN Taxation. You pay taxes on interest earned. Common Law (in the news not too long ago, Supreme Court ruled that Common Law is the same as Married) means you live together and would file taxes together.

- How exactly would that work if we were to share one account in terms of us dealing with my US tax papers?
A. the Taxation in the US is based on Citizenship (in CDN is based on residency) so you would have to file taxes every year (assuming you are an US citizen) and report off-shore savings. if you share an account ( ie tax free savings) the IRS considers that a Tax shelter, so you would have to declare that on your US taxes. Best your partner keeps any of those under her name only. you can have your own savings/checkings and that way the lines are clear. otherwise you would be reporting her savings /taxfree savings on your US taxes.

- Would it make a difference if we were married or still only common-law and sharing an account?
A. married or common law is really the same thing now a days, as the account would have both of your names on it.

For immigration purposes (if you are becoming PR) it's better to have both of your names on bank accounts in Canada. That's not to say that your partner can't have her own bank account.

 

[gooh]

So we couldn't even share a simple savings account without having to do a bunch more paperwork? Also just to clarify, we'll have completely Canadian bank accounts, I'm not keeping any money in a US account, does that change anything?

 

[vinhnguyen]

Hello, everyone

I got married with non-resident of Canada in the year 2015.
Should I change my status to be married in my tax return year 2015?

Thanks

 

[Roni07]

YES, you will have to put the date in your tax return too.

 

[nekeol]

Hello, everyone

I got married with non-resident of Canada in the year 2015.
Should I change my status to be married in my tax return year 2015?

Thanks

Yes

 

[nekeol]

I'm currently in the process of coming to Canada from the US via Common-Law. I know that I'll have a bunch of fun taxation things to sort through, but I read somewhere about how it would include my fiance.

- Is it better to keep our funds and bank accounts separate for tax filing purposes? Whether we're married or not?
- How exactly would that work if we were to share one account in terms of us dealing with my US tax papers?
- Would it make a difference if we were married or still only common-law and sharing an account?

In canda keeping bank accounts are better but all income in any account will be accounted for tax purposes. keeping sepearte account help only accountant and nothing more.
keeping accounts togahter for tax and immigration purposes is better than seprating accounts.

 

[Akohsi]

Hi there im a dependent of my husband (common law) since july 2014 until now and we have a baby but we did not file for child tax benefit anyways since i arrived in canada i am not giving a chance to work but i have SIN number and my permit already expired dec 17. My question are
1)if my SIN still valid? And if we can use that to file tax ?
2)Should i file my own tax i am zero income.
TIA

 

[nekeol]

Hi there im a dependent of my husband (common law) since july 2014 until now and we have a baby but we did not file for child tax benefit anyways since i arrived in canada i am not giving a chance to work but i have SIN number and my permit already expired dec 17. My question are
1)if my SIN still valid? And if we can use that to file tax ?
2)Should i file my own tax i am zero income.
TIA

Are your national or non national or PR holder.
All PR holder and Nationals above the age of 18 must file tax return to get kids benefits and their benefits because your husband can benefit from your credits and CRA kept all records. for the Non national I am not sure but not required by law until u r not working.

 

[Akohsi]

No im not national nor PR holder, my papers are still on process. I dont know how i will file tax if i dont have work or SIN NUMBER.

 

[nekeol]

No im not national nor PR holder, my papers are still on process. I dont know how i will file tax if i dont have work or SIN NUMBER.

for you no need because u r not working and you don't have sin, u can apply temporary SIN then u can submit your tax return at zero and then you might be able to get child benefits, but I m not sure about child benefit eligibility.

 

[Akohsi]

for you no need because u r not working and you don't have sin, u can apply temporary SIN then u can submit your tax return at zero and then you might be able to get child benefits, but I m not sure about child benefit eligibility.

Yeah, im not sure about child benefits too so sad, how about my husband do you think he might be eligible ;D ? we are his dependent anyways . TIA

 

[nekeol]

Yeah, im not sure about child benefits too so sad, how about my husband do you think he might be eligible ;D ? we are his dependent anyways . TIA

What is status of yoru husband, PR, national, or visa only?
if your spouse is citizen, or PR holder then surely he can apply for kids benefits.

 

[Akohsi]

What is status of yoru husband, PR, national, or visa only?
if your spouse is citizen, or PR holder then surely he can apply for kids benefits.

really?! Yey! He's a canadian citizen .