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Latest revision as of 11:08, 15 August 2026
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S is for SPLIT. Income splitting is a strategy that involves transferring a portion of income from someone can be in a high tax bracket to a person who is in a lower tax bracket. It may even be possible to lessen tax on the transferred income to zero if this person, doesn't possess any 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 possible to transfer income to someone in a lower tax bracket, it should be done. If marketplace . between tax rates is 20% the family will save $200 for every $1,000 transferred towards the "lower rate" significant other.
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