Getting Regarding Tax Debts In Bankruptcy: Difference between revisions

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Revision as of 17:24, 16 August 2026

S is for SPLIT. Income splitting is a strategy that involves transferring a portion of income from someone which in a high tax bracket to a person who is in a lower tax segment. It may even be possible to lessen 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 can also be your children. Whenever it is easy to transfer income to a person in a lower tax bracket, it should be done. If the difference between tax rates is 20% the family will save $200 for every $1,000 transferred towards the "lower rate" partner.

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