Income splitting with family members

By  External Author |   | Posted in " Bookkeeping services, Corporate tax return services, Payroll services, Personal tax return services, Professional Accountant, Tax consultant, Tax return preparation services "

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. 

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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