In today's video, we dive deep into the world of income splitting. As Canadian taxpayers, I'm sure you're all curious about how this strategy can potentially lower your family's overall tax liability!

We have a progressive tax system here in Canada – that is, the more you earn, the more you pay. But what if there was a way to spread the tax burden more evenly? Spoiler alert: There is, and it's called income splitting!

Don't forget to subscribe to my channel for more videos on Canadian real estate and tax saving strategies so you don't miss a thing!

Key moments in this episode

00:00 Introduction to income splitting
02:10 Understanding the progressive tax system
04:21 How income splitting reduces the family tax burden
06:29 Case study: Claiming employment costs
08:30 Effects of income splitting on tax liability
10:22 Rules and documentation requirements for income splitting
12:24 No exchange of money when billing costs
14:14 The importance of documentation and money transfers in income splitting

If you have any questions or comments after watching this video, leave a comment below and I will respond as soon as possible.

———————-

Please be sure to speak to a professional who knows your personal situation before making a decision.

If you would like to speak to someone on my team, please email us at [email protected].

———————-

SIGN UP FOR OUR NEWSLETTER

Want to stay up to date with all the latest real estate tax tips news, receive weekly tax tips and free real estate investing resources? Subscribe to our newsletter here:
https://realestatetaxtips.ca/youtube

———————-

Do you want to PAY LESS TAXES as a real estate investor?
All my tax saving resources can be found HERE: https://realestatetaxtips.ca/resource.

———————-

FOLLOW ME ON SOCIAL MEDIA:
Facebook: https://www.facebook.com/RealEstateTaxTips
Instagram: https://www.instagram.com/realestatetaxtips/

———————-

Cherry's best property tax tips

️What you need to know about the Multigenerational Home Renovation Tax Credit:
https://youtu.be/v8eJU8mQ9Bw
️7 Strategies to Master Cash Flow in Real Estate Investing: https://youtu.be/vACCnYWLoFw
️Property management solutions to empower landlords: https://youtu.be/En0KGbRlHBs
️Are we taxed twice if we earn income in a corporation: https://youtu.be/yrnQyehTDB4
️7 Tips for Starting a New Business from a Chartered Accountant: https://www.youtube.com/watch?vo6vZd_4Iuko&t11s
️Stay tuned: US regional bank collapses, rate hikes and other economic updates: https://youtu.be/WSYRDTwtc2Q
️Why day trading on tax-free savings accounts (TFSA) is NOT allowed – court case explained: https://youtu.be/kiuHxU39aTk
️ How to claim car costs: https://www.youtube.com/watch?v5rKJ4NLt4fU

———————-

DISCLAIMER:

Real estate tax planning is a personal decision and depends on your situation, priorities and risk tolerance. Consult your legal and tax advisors to ensure you receive the best personalized advice. Real Estate Accountant, Real Estate Investor, Real Estate Agent, Small Business Owner, Tax Planning, Tax Tips, Tax Advice, CRA, Canadian Taxes, Investor Tips, Real Estate Tax Tips, Cherry Chan

The information contained in this video is for general information purposes only.
Information provided by ECRB Consulting Inc., RealEstateTaxTips.ca, Cherry Chan Professional Corporation and Cherry Chan.
While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability of the article or the information, products, services, or related graphics contained in the presentation for any purpose. Reliance on such information is therefore solely at your own risk.
In no event will we be liable for any loss or damage whatsoever including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this information.

#PropertyTaxTips #IncomeSplit #TaxSavingTips #CanadianTax #CherryChan #CPA #TaxObligation #CanadianTaxPayers #ProgressiveTaxSystem #TaxAdvice #FinancialFreedom #EmploymentExpenses #TaxDocumentation #IncomeSplitRules #PropertyTaxation #CanadianRevenueAgency #CRA #TaxStrategy #TaxPlanning #TaxReduction #TaxTips #TaxGuide #PersonalFinance #MoneySavingTips #FinancialPlanning #TaxAdvice

———————————

Please take the opportunity to connect with your friends and family and share this video with them if you find it useful.