Paying Taxes Can Tax The Better Of Us: Difference between revisions
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Revision as of 15:14, 10 May 2026
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 in a lower tax area. It may even be possible to reduce the 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 easy to transfer income to a person in a lower tax bracket, it must be done. If primary between tax rates is 20% the family will save $200 for every $1,000 transferred towards the "lower rate" relation.
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