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Revision as of 23:09, 9 August 2026


S is for SPLIT. Income splitting is a strategy that involves transferring a portion of greenbacks from someone which in a high tax bracket to someone who is within a lower tax bracket. 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 body's 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 should be done. If major difference between tax rates is 20% the family will save $200 for every $1,000 transferred to your "lower rate" close friend.

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What may be the rate? In the rate or rates enacted by Central Act almost every Assessment Calendar months. It's varies between 10% - 30% of taxable income excluding the basic exemption limit applicable to the tax payer.

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And given that you know some taxpayer rights, could certainly start lowering your taxes by downloading a tax organizer for individuals and owners here.

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