I receive a company pension in addition to OAS and CPP. Have been doing my taxes with U-File for many years with 50% pension splitting of the company pension. I find the summary pages of U-File rather confusing, but it seems the final income tax calculation ends up correctly. For the tax year 2021, ...
Aug 5th, 2022 5:41 pm
Are families still be able to split income? i.e. Can a husband and a wife share the income of the high earner?
May 4th, 2022 10:25 am
Hello, 3 years ago I created a corporation for a little hobby / side business I started. Since then, I got married, had kids, grew a beard and have been able to build up the business so that it's almost as much as my full time job now. Like many, I just followed some template online without much for...
Oct 2nd, 2021 7:22 pm
My understanding is that income splitting is only allowed for retirement funds or in spousal RRSPs ,(while working) or other types of "loans" from the higher earner to the lower earner. For two young people that are simply working ...
Dec 29th, 2020 8:28 am
Hi all, I'm running a Smith Maneuver and I am trying to work out a way to minimize tax. I heard about the CRA's Income Attribution Rule and the minimum interest that a loan must charge so that any investment income / capital is attributed to the receiver rather than the lender. Here's my situation: ...
Dec 27th, 2020 3:59 pm
I was looking into programming bootcamps, and a lot of people suggest HackerYou. They are offering the course now for $1, with the premise that they get 17% of your income for 24 months if you get a 50k or more job. After 5 years max the agreement is terminated regardless of how much you pay. They m...
... I have an incorporation with 2 different classes of shares, and I'm looking for some help in the process of distributing shares to my spouse for income splitting purposes. I have talked to my accountant and he said that he is unfamiliar with this process as he has a legal professional who does ...
Aug 9th, 2018 11:03 am
I'm filing my return using StudioTax and I'm unsure if I've completed the Income Splitting portion correctly. I clicked on line 116 and checked the top box to transfer pension and then used the optimization wizard. It prompts me to ensure I've entered the tax ...
Feb 27th, 2018 11:43 am
I am a self-employed individual and I'm thinking of using income splitting to legitimately reduce my taxes. I'm thinking of splitting ~$7k-$10k of my income with my daughter who is attending university. I plan to have work for me as my marketing assistant ...
Dec 30th, 2017 6:05 pm
I am reading up on Income Splitting and have the following queries. Can someone familiar with the matter please comment on these? I understand the best option is to call the CRA and ask them or talk to an accountant (which eventually ...
Nov 8th, 2010 12:14 pm
There have been lots of threads about RRSPs and the home buyers plan. I could not find the answer to the following scenario: Husband makes 90K a year with the government. Wife doesn't work and won't be working for 10 years until the kids are older. If the husband makes a $20,000 spousal RRSP contrib...
Feb 3rd, 2009 7:33 pm