A newly married Vancouver couple will save about $1,100 in taxes this year, thanks to almost $20 billion over five years in tax relief announced in yesterday’s federal budget.
Karen Chan, 29, and Amy Romanas, 35, were married last January and are filing their tax returns together for the first time.
Combined, the couple earns about $100,000 annually.
“I’ve never done it before, so it’s a little, ‘Oh my God,’” said Chan, a human-resources specialist.
“We’re trying to decide whether or not to do it ourselves through software packages or whether we look at getting an accountant.”
Brian Blamey, a certified general accountant and partner with Vancouver-based Galloway Botteselle & Co., said the couple can expect a little more spending money this year.
“The increase in the basic personal exemption and the increase in the tax brackets will save (Romanas) about $580 and (Chan) about $540,” Blamey said.
They are benefiting from an increase in the basic personal exemption to $10,320, up from $9,600, as well as the 7.5 per cent increase to the three federal tax brackets.
