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Revision as of 12:48, 24 August 2026

S is for SPLIT. Income splitting is a strategy that involves transferring a portion of revenue from someone who's in a high tax bracket to someone who is in a lower tax area. 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 individual 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 difference between tax rates is 20% the family will save $200 for every $1,000 transferred towards "lower rate" family member.

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