Smart Tax Saving Tips: Difference between revisions
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Latest revision as of 09:57, 22 September 2024
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S is for SPLIT. Income splitting is a strategy that involves transferring a portion of greenbacks from someone who's in a high tax bracket to someone who is in the lower tax area. 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 should be done. If develop and nurture between tax rates is 20% your own family will save $200 for every $1,000 transferred for the "lower rate" close friend.
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