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Latest revision as of 02:30, 21 May 2026

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 someone who is within a lower tax segment. It may even be possible to lessen tax on the transferred income to zero if this person, doesn't possess any other taxable income. Normally, the other person is either your spouse or common-law spouse, but it can also be your children. Whenever it is possible to transfer income to a person in a lower tax bracket, it must be done. If profitable between tax rates is 20% the family will save $200 for every $1,000 transferred to your "lower rate" significant other.

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The second way is to be overseas any 330 days in each full 12 month period on foreign soil. These periods can overlap in case of a partial year. In this case the filing deadline follows effectiveness of each full year abroad.

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