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Version vom 5. August 2026, 09:28 Uhr
S is for SPLIT. Income splitting is a strategy that involves transferring a portion of income from someone who is in a high tax bracket to someone who is from a lower tax range. It may even be possible to lessen tax on the transferred income to zero if this person, doesn't have got 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 someone in a lower tax bracket, it should be done. If major memek between tax rates is 20% the family will save $200 for every $1,000 transferred towards "lower rate" close friend.
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