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Revision as of 06:31, 6 January 2025
S is for SPLIT. Income splitting is a strategy that involves transferring a portion of income from someone who's in a high tax bracket to someone who is from a lower tax group. It may even be possible to reduce the tax on the transferred income to zero if this person, doesn't get other taxable income. Normally, the other person is either your spouse or common-law spouse, but it can also be your children. Whenever it is easy to transfer income to a person in a lower tax bracket, it must be done. If major xnxx between tax rates is 20% your family will save $200 for every $1,000 transferred towards "lower rate" partner.
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