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comers are leading the way once Bagain, this time in the rapid rise in commonâ€"law relationships over the past 20 years â€" and that can lead to significant tax and other finanâ€" cial complications for the couples involved. . First the facts: Since 1986, the rate of increase in Canadian commonâ€"law families has been more than five times that for married couples. And boomers are showing the most growth with commonâ€"law unions for the age group 60â€"64 rising by 77 per cent and for the age group 55â€"59 increasing by 64 per cent.* How do you define a "common law" union? That depends. The definition of a commonâ€"law partner for the purposes of estate and family law is different than the definition under the Income Tax Act. (That‘s why it‘s important for you to speak with a professional adviâ€" . sor.) Under the Income Tax Act, a couple _ loss. is considered to have a commonâ€"law * Transfer unused tax credits. relationship if they cohabit in a conjuâ€" * Claim the spousal credit if your gal relationship for a period of at least partner is earning very little income. 12 months or if they are the parents of f a child together even if for less than 12 The notâ€"soâ€"goodâ€"news months. Disadvantages to having to file your incomeâ€"tax returns as a couple The sood news include: The good news Because a commonâ€"law couple is treated the same as a married couple for tax purposes you can: Boomers‘ commonâ€"law relationships lead to financial complications WATERLOO Chapters Bookstore 428 King St. N. Wordsworth Books 100 King St. S. Forwell Variety 242 King St. N. Waterioo _ Adult Centre 185 King St. South 605 Laurelwood ‘ Drive Waterloo Town Square Kiosk | Unique _ Shoppette | 41 King St. N. can be picked up The 7â€"11 256 King St. N. 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Driving Record Clean Record 1 Accident 1 Ticket particularly when one partner makes significantly more than the other. * Rollâ€"over property to each other without triggering a capital gain or loss. * Make spousal RRSP contributions on behalf of your commonâ€"law partâ€" ner. * If one or both of you has a child, investments. Contact Russ McEachnie you will no longer be able to claim the CFP, CSA, CDFA at 519â€"886â€"2360, ext. eligible dependent credit with respect 241 or email him at russell.mceachâ€" to that child. nie@investorsgroup.com. $1,493 $175 O rocgers With your quote, you‘ll also receive: When you get your quote,you‘ll also receive access to Rogers‘ amazing bundle offer for TV, Home Phone and Internet. BUT WAIT! THERE‘S MORE... Highest Price Access to Your Claims History Report telling you what‘s on your record. The rules that insurance companies use to determine if you are at fault for an accident. Who to contact for free dispute resolution. $3,371 $4,693 $6,903 Price Difference * Only one of you can claim the principal residence exemption if one of you owns an urban home and the other owns a cottage. * Your income is pooled when determining the right to claim GST credits, the Canada Child Tax Benefit and the Guaranteed Income Suppleâ€" ment. * Attribution rules may apply. «* Childâ€"care expenses may not be as valuable because the deduction must be taken by the lowerâ€"income earning partner. A commonâ€"law relationship can lead to uncommon complications when it comes to effective tax planning and your overall financial life. A professional advisor can help you make the right choices for your unique situation. * 2006 Census Data from Statistics Canada, reported in the Daily, Sept. 12, 2007, www.statcan.ca/Daily/Engâ€" lish/070912/4070912a.htm. 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