Sentences with phrase «split income for tax purposes»

However, your government is already on record for its commitment to allow families with children under the age of 18 to split income for tax purposes; to extend the fitness tax credit to adults; to raise the threshold for Tax Free Savings Accounts to $ 10,000; and to reduce government debt.

Not exact matches

The Harper government had already promised to use the surpluses to allow income splitting for tax purposes for families with children under the age of 18; to extend the fitness tax credit to adults; and, to reduce debt by $ 3 billion a year.

In addition, IPP assets are creditor - proof: always a plus for the self - employed; and as with traditional Registered Pension Plans, pension income can be split up to 50 % with one's spouse, for income tax purposes (pension splitting).

That would include families where both spouses are in the same tax bracket and of course single parents who have no spouse with whom income could be split for tax purposes.

OTTAWA — Finance Minister Jim Flaherty expressed doubt Wednesday that expanding income - splitting for tax purposes is the best way to spend a surplus he expects to deliver ahead of the next election.

That's because recent changes allow couples over 65 to split their income from RRIFs, annuities and pensions for tax purposes.

There would inevitably, however, have been some new clients that joined him after February 2003 and when he was with Mrs. F. Second, Mr. F. chose, for tax or income splitting purposes, to place a portion of the proceeds from the sale of his «book of business» in Mrs. F.'s name.

You need to assess the financial statements of the company, personal expenses paid by the company, tax free shareholder loans that may be available, cash flow needs of the company and income splitting corrections that need to be made after separation to find the true income for child and spousal support purposes.