New income-splitting rules might make some couples want to fudge their relationship statuses. The tax rules benefit married and common-law couples who have children under age 18. Unfortunately, single parents get nothing.

But to ensure clients are being completely honest, CRA might start examining the state of a couple’s relationship, asking specific questions, reports Financial Post. This could include whether the couple sleeps in the same room, eats meals together, or buys gifts for eachother on special occasions.

Read more.

Also read:

Details on Ottawa’s new income-splitting breaks

One way to protect the matrimonial home

Help clients secure their retirements

Advising same-sex couples with U.S. ties

Originally published on Advisor.ca
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