Annual Taxes - Humor In The Drudgery: Difference between revisions
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Revision as of 21:05, 8 October 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 someone who is within a lower tax range. 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 person 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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