How Does Tax Relief Work: Difference between revisions

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Revision as of 02:37, 1 September 2026

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S is for SPLIT. Income splitting is a strategy that involves transferring a portion of revenue from someone who is in a high tax bracket to a person 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 any other taxable income. Normally, the other body's either your spouse or common-law spouse, but it can also be your children. Whenever it is possible to transfer income to someone in a lower tax bracket, it should be done. If major difference between tax rates is 20% then your family will save $200 for every $1,000 transferred for the "lower rate" partner.

2) You participating within your company's retirement plan? If not, why not? Every dollar you contribute could reduce your taxable income minimizing your taxes to kick out.

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