Smart Tax Saving Tips: Difference between revisions
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Latest revision as of 22:24, 19 October 2026
S is for SPLIT. Income splitting is a strategy that involves transferring a portion of revenue from someone can be in a high tax bracket to someone who is within 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 a person in a lower tax bracket, it must be done.
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