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Revision as of 22:42, 12 May 2026

S is for SPLIT. Income splitting is a strategy that involves transferring a portion of income from someone is actually in a high tax bracket to a person who is from a lower tax range. 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 individual is either your spouse or common-law spouse, but it can also be your children. Whenever it is easy to transfer income to someone in a lower tax bracket, it should be done. If primary between tax rates is 20% the family will save $200 for every $1,000 transferred for the "lower rate" relation.

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Other program outlays have decreased from 64.5 billion in 2001 to 12.3 billion in 2010. Obviously, this outlay provides no chance of saving on the budget.

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