The Calgary Real Estate Blog » Income Splitting http://thecalgaryrealestateblog.com Investing Tips / Ideas, Real Estate News, Hot Listings... This is Real Estate! Wed, 08 Feb 2012 07:00:20 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 Income Splitting http://thecalgaryrealestateblog.com/2009/08/income-splitting/ http://thecalgaryrealestateblog.com/2009/08/income-splitting/#comments Fri, 21 Aug 2009 15:41:56 +0000 KustomDesign http://thecalgaryrealestateblog.com/?p=1958 The main reason we split income is to pay lower overall household tax.  We do this by keeping the tax brackets for each spouse as low as possible.

Here are the types of income that can be split:

1.       Business Income – requires planning

2.        Investment Income – must be planned prior to

3.        RRSP Income – must be planned before contribution

4.        Pension Income

5.        RIFF Income

6.        CPP Income

Remember, it takes early planning to split the income as it usually cannot be done after the year is over.  Seek the help of a professional to ensure that you get the maximum benefits of income splitting!

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