Getting Rid Of Tax Debts In Bankruptcy: Difference between revisions
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Revision as of 06:53, 30 August 2026
S is for SPLIT. Income splitting is a strategy that involves transferring a portion of revenue from someone will be in a high tax bracket to someone who is in the lower tax area. 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 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 must be done. If major difference between tax rates is 20% your own family will save $200 for every $1,000 transferred into the "lower rate" relation.
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