Smart Tax Saving Tips: Difference between revisions
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Revision as of 06:29, 10 September 2026
cibai 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 from a lower tax segment. It may even be possible to reduce the 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 possible to transfer income to a person in a lower tax bracket, it must be done.
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