Canadians pay a lot of income tax and any way that we can find to reduce our tax bill is a major plus. Yahoo! Finance has a really great article titled “Slash Your Taxes” that I would recommend you read before filing your taxes this year.
The majority of the tips discussed in the article focus on how spouses can effectively split their incomes in order to reduce the taxes owing for the highest wage earner. Examples include using a spousal RSP, having the lower wage earner opening sole-owned investments, and lending money to the lower wage earner spouse so they can invest.