Difference between revisions of "Annual Taxes - Humor In The Drudgery"
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Revision as of 18:39, 7 October 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 a person 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 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 should be done. If profitable between tax rates is 20% then your family will save $200 for every $1,000 transferred towards "lower rate" general. If you add a C-Corporation with your business structure you are able to reduce your taxable income and therefore be qualified for several of the deductions by which your current income is just too high. Remember, a C-Corporation is specific to it individual individual.
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