An individual Canadian taxpayer’s income tax bracket and therefore the income tax liability depend on the absolute amount of the taxpayer’s income because the higher the income the higher the income tax bracket and the percentage of income tax paid. Income splitting is a tax planning strategy whereby one taxpayer transfers a portion of his/her own income to another related taxpayer who is taxed at a lower tax rate. There are various income splitting techniques that can be used. But to apply those incomes splitting techniques taxpayers need expert assistance of Canadian income tax lawyers. At Taxpage we professionally assist taxpayers to fix their tax problems.
To learn more about Taxpage visit: https://www.taxpage.com/