How Does Tax Relief Work: Difference between revisions
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Latest revision as of 23:46, 9 September 2026
S is for SPLIT. Income splitting is a strategy that involves transferring a portion of revenue from someone who is in a high tax bracket to a person who is in the lower tax group. It may even be possible to lessen tax on the transferred income to zero if this person, doesn't have other taxable income. Normally, the other person is either your spouse or kontol 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 should be done.
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