Income Splitting

One of the oldest tricks in the book.

Income splitting is one of the best available strategies to help reduce your taxes. The purpose behind it is simple. It is designed to shift income from an individual in a high tax bracket to an individual in a lower tax bracket. The result of this is to reduce the total amount of tax dollars paid because this income would attract a lower tax rate in the hands of the lower income earner.

The Burak Hannon Brojde Group can help you identify several income splitting opportunities including paying your spouse a salary, investing one spouse’s excess income, paying their taxes, loaning or transferring monies to earn business income, transferring property, and contributing to spousal RRSP or your child’s RESP.

Attribution rules govern income-splitting and are often complex. The Burak Hannon Brojde Group understands these rules and can help you use income-splitting strategies adeptly to lower your family’s tax bill.