Dealing With Tax Problems: Easy As Pie: Difference between revisions

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Latest revision as of 18:33, 2 October 2026

S is for SPLIT. Income splitting is a strategy that involves transferring a portion of income from someone can be in a high tax bracket to someone who is within a lower tax segment. 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 should be done.

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Hopefully these few suggestions provide a good start into which tax software programs will need to use. Bear in mind that filing your taxes early and knowing about your eligible deductions is the best to be able to pay less on your income tax pops up!

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