Tax Planning for Parents

Unconventional Wisdom

Are you a parent?

If yes - you’re probably paying a lot more tax.

Parents are often in higher tax brackets than non parents.

This means your planning must be diligently looked at, as it can affect your RRSPs, deductions, and more.

I’ve talked about this topic before on my blog, but this is the updated version.

In my latest podcast episode you’ll learn:

• Why are effective tax rates higher for parents?
• Does the higher tax bracket for parents really start at only $17,000?
• How does the Canada Child Benefit (CCB) work?
• Why is the CCB clawback a game-changer for your tax planning?
• What are the benefits and how much is the clawback?
• What tax rates apply for parents?
• Why do parents benefit more from RRSP contributions?
• Why do parents benefit more from the Smith Manoeuvre?
• Why should parents avoid dividend-paying stocks?
• How does staying home with your kids affect your tax?