November 17, 2019

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Tax Tidbits!

By David J. Rotfleisch, C.A., LL.B.

Income Splitting to Reduce Income Tax!

Canada has a progressive income tax system - the more you earn the higher the rate of tax which you pay.

Income splitting is a family tax planning technique designed to shift income from a high rate taxpayer to a lower rate taxpayer such as a spouse or children.

A number of different techniques can be used to accomplish this objective.

However, you must be careful because Revenue Canada frowns on income splitting and there are provisions in the Income Tax Act designed to curtail it.

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