History In The Federal Taxes: Difference between revisions
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Revision as of 00:08, 31 August 2026
S is for SPLIT. Income splitting is a strategy that involves transferring a portion of income from someone can be 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 have got 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 easy to transfer income to someone in a lower tax bracket, it must be done. If major /home between tax rates is 20% your own family will save $200 for every $1,000 transferred to your "lower rate" close friend.
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