Income splitting with family members
There are a variety of tax planning strategies and tools available to taxpayers to reduce the overall amount of income tax paid within a family unit. Some of the ideas explored in this article relate to prescribed interest rate loans, Tax Free Savings Accounts (“TFSAs”), Registered Retirement Savings Plans (“RRSPs”), Registered Educational Savings Plans (“RESP”), gifts and family trusts.
Original Article Source Credits: Canadian Accountant , http://www.canadian-accountant.com/
Article Written By: Gergely Hegedus
Original Article Posted on: Jun 8, 2020
Link to Original Article: http://www.canadian-accountant.com/content/business/income-splitting-with-family-members