A Background Of Taxes - Part 1: Difference between revisions
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Revision as of 20:16, 10 November 2024
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S is for SPLIT. Income splitting is a strategy that involves transferring a portion of income from someone which 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 possess 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 someone in a lower tax bracket, it must be done. If the difference between tax rates is 20% then your family will save $200 for every $1,000 transferred to the "lower rate" relation.
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What is the rate? In the rate or rates enacted by Central Act great Assessment 12 month. It's varies between 10% - 30% of taxable income excluding the basic exemption limit applicable towards the tax payer.
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