How Does Tax Relief Work: Difference between revisions
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Revision as of 04:08, 13 September 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 a person who is from a lower tax area. It may even be possible to reduce the tax on the transferred income to zero if this person, cibai doesn't have got other taxable income. Normally, the other individual is either your spouse or common-law spouse, but it could even be your children. Whenever it is easy to transfer income to a person in a lower tax bracket, it must be done.
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