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Latest revision as of 21:10, 19 August 2026
S is for SPLIT. Income splitting is a strategy that involves transferring a portion of income from someone who's in a high tax bracket to a person who is from a lower tax range. It may even be possible to reduce the 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 possible to transfer income to someone in a lower tax bracket, it must be done. If marketplace . between tax rates is 20% your family will save $200 for every $1,000 transferred into the "lower rate" close friend.
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Obtaining a tax-deduction allows your contribution to be subtracted by your taxable income. A smaller taxable income means you pay less income tax in the age you lead to your Individual retirement account. So you end up a lot more in your IRA by way of less loss in your pocket than your contribution.
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