The Tax Facts Guide that Will Help You Get the Biggest Tax Refund

Maximize your tax refund by ensuring you have claimed every credit possible. Check out this week’s Jacks on Tax Tip: Line 128 Support Payments...

Spousal support received any time or child support payments paid as a result of a court order or agreement made before May 1, 1997 must be reported by the recipient as income. For agreements signed after April 30, 1997, child support is not included in income by the recipient and the payor will not receive a tax deduction.

Taxable spousal support qualifies for the purposes of RRSP earned income and so it's a good idea to make that contribution to offset any taxes.

The payor of the funds receives a tax deduction on Line 220 for the support payments and must reduce RRSP contribution room by the amount of the deduction taken. Those who negotiate for taxable spousal support should have the payor account for the taxes payable.

Get the tax facts you need to know in Jacks on Tax: 2014 Edition today!  Available in the Knowledge Bureau online bookstore.

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