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Declaring Back Taxes Owed From Foreign Funds In Offshore Banks

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Revision as of 22:50, 8 September 2026 by 61.230.99.168 (talk)

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

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