Under our current tax system, the higher one’s income; the greater the percentage of taxes that must be paid to CRA. As a result, a family with 2 people earning $50,000 each would pay far less taxes than a family with one person earning $100,000. With this in mind, it makes sense to spread income among family members in order to lower the overall tax burden.
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tax return
Income Splitting
on April 16th, 2012
