Don't Panic If Income Tax Department Raids You: Difference between revisions
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Revision as of 06:10, 11 September 2026
S is for SPLIT. Income splitting is a strategy that involves transferring a portion of greenbacks from someone who is in a high tax bracket to a person who is in the lower tax segment. It may even be possible to reduce the 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 could even be your children. Whenever it is easy to transfer income to a person in a lower tax bracket, cibai it should be done.
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