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Version du 13 août 2026 à 13:29
S is for SPLIT. Income splitting is a strategy that involves transferring a portion of greenbacks from someone which in a high tax bracket to someone who is in a lower tax range. It may even be possible to reduce the tax on the transferred income to zero if this person, doesn't possess any other taxable income. Normally, the other individual is either your spouse or common-law spouse, but it could even be your children. Whenever it is possible to transfer income to someone in a lower tax bracket, it should be done. If the difference between tax rates is 20% the family will save $200 for every $1,000 transferred towards the "lower rate" general.
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Regarding egg donors and sperm donors there was an IRS PLR, private letter ruling, saying it may be deductible for fogeys as a medical charge. Since infertility is a medical condition, helping along having a baby could be construed as medical treat.
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