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Revision as of 09:47, 15 September 2026

S is for SPLIT. Income splitting is a strategy that involves transferring a portion of income from someone is actually in a high tax bracket to a person who is in 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 individual 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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This strategy requires significant planning, because may be opportunities in the vicinity of Canada an individual to invest, do business with as well retire to, that give you significant tax saving benefits.

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