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Latest revision as of 15:26, 8 September 2025


S is for SPLIT. Income splitting is a strategy that involves transferring a portion of revenue from someone which in a high tax bracket to a person who is in a lower tax bracket. 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 person is either your spouse or common-law spouse, but it can also be your children. Whenever it is easy to transfer income to a person in a lower tax bracket, it must be done. If develop and nurture between tax rates is 20% then your family will save $200 for every $1,000 transferred towards the "lower rate" general.

Minimize taxation. When it comes to taxable income it isn't how much you make but simply how much you discuss keep that means something. Monitor the latest adjustments to tax law so that pay the lowest amount possible.

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