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Latest revision as of 00:00, 4 September 2026

S is for SPLIT. Income splitting is a strategy that involves transferring a portion of greenbacks from someone is actually in a high tax bracket to a person who is in a lower tax clump. It may even be possible to lessen tax on the transferred income to zero if this person, doesn't have 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 possible to transfer income to a person in a lower tax bracket, it should be done.

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