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Hitched vs. Common Law – What’s the real Difference Anyway?

Hitched vs. Common Law – What’s the real Difference Anyway?

Introduction

Many people who have actually recently wed grasp this may alter their tax status, but law that is common frequently are not able to recognize they could additionally be considered hitched by the Tax guy. The majority are surprised to discover that a various pair of guidelines applies the the next occasion they file their earnings tax statements. Eventually, the tax Act affords married and typical legislation partners equivalent pros and cons. This short article provides a simple summary of just how married and law that is common defined for purposes associated with the tax Act of Canada (“ITA”) and some income tax benefits and drawbacks related to married/common law status.

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