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S is for SPLIT. Income splitting is a strategy that involves transferring a portion of revenue from someone which in a high tax bracket to a person who is in the lower tax bracket. 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. If marketplace . between tax rates is 20% then your family will save $200 for every $1,000 transferred to the "lower rate" significant other.
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