A Status Taxes - Part 1: Difference between revisions
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Revision as of 14:43, 23 October 2024
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 within a lower tax clump. It may even be possible to lessen tax on the transferred income to zero if this person, doesn't get other taxable income. Normally, the other individual is either your spouse or common-law spouse, but it could even be your children. Whenever it is easy to transfer income to a person in a lower tax bracket, it must be done. If marketplace . between tax rates is 20% your family will save $200 for every $1,000 transferred to the "lower rate" close friend.
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