How Canadians can split their income and lower their tax bills Taxes PersonalFinance
Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300A welcome email is on its way. If you don't see it, please check your junk folder.
Small business income tax rates for a corporation range from 10 per cent to 12.2 per cent depending on the province or territory. By comparison, the top personal tax rate in Canada is as high as 54.3 per cent. This means when you split income with a corporation, you can defer up to about 40 per cent tax on that income.
Workers with DC pensions that invest in mutual funds to provide a future retirement income have restrictions on their ability to income split. If the DC pension is used to buy an annuity or provide another lifetime retirement benefit, the income may be eligible to split with a spouse or common-law partner without restriction. Otherwise, a DC pension must be converted to a life income fund or locked-in retirement income fund depending on the federal or provincial pension legislation for the plan.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How Canadians can split their income and lower their tax billsThere are ways to pay less tax during your working years and in retirement, writes certified financial planner Jason Heath. Read more.
Read more »
How Canadians can split their income and lower their tax billsThere are ways to pay less tax during your working years and in retirement, writes certified financial planner Jason Heath. Read more.
Read more »
Jason Momoa Cuts His Hair, Shows Off Dramatic New Buzz Cut For A Good CauseJason Momoa has a new look and a call to action. The 43-year-old actor chopped off his signature long locks over the weekend in favour of a dramatic new buzz cut, sharing the moment on Instagram. 'Oh, man,' he winces in the video, running his fingers along the side of his freshly-shaved head. 'I've never even felt the…
Read more »
FIRST READING: Liz Truss, Erin O'Toole, Jason Kenney and others cursed by sharing names with politiciansErin O\u0027Toole is a Denver podcast producer. Jason Kenney is a Virginia consultant. Both are mistaken for Canadian conservatives.
Read more »
Jason Momoa shaves long hair to raise awareness of single use plastics crisisJason Momoa has shaved off his long hair to raise awareness of the single\u002Duse plastics crisis.
Read more »