Family tax issues….
Many families would benefit from just a few minor tweaks to family income tax rules, argues Dave Quist from National Post. Do families who have only one income provider pay more in income tax?read this interesting article to see where your family stands…
“Yet today, family members are taxed as individuals, as if they had no association with one another whatsoever. The practical result is that families pay more than single people at tax time.
In a 2008 paper for the Institute of Marriage and Family Canada, leading tax expert Jack Mintz showed that of two identical Ontario families, each earning $70,000, one could pay as much as $3,800 more than the other. The reason? One single income earner at $70,000 falls into a higher tax bracket than dual-income earners taking home $35,000 each. The government penalizes the single-earner family, despite the possibility that the non-working spouse is foregoing income to perform the valuable (but unpaid) tasks of nurturing children or caring for an aging parent….”
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