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Originally Posted by foshizzle11
what if you could move one spouse into a lower bracket but still keep the other in there, ie at least 1 drops down. I think this would be beneficial overall. Is there any information about how this is done? Will this process be quite complicated or just something added into quick books for example.
We usually do our own taxes but this year, since it could be a bit more complicated we might find a professional to help us. Any suggestions from CP?
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Aside from the new family income splitting measures just announced there are a few ways: spousal loans, hiring a spouse for a corp, div income to the lower earning spouse, eligible pension income splitting, TFSA, RESP, CPP income splitting, etc.
Income splitting depends on your own personal situation and what would work best for you. If you do your own accounting the actual transaction could be done in quickbooks easily but there are tons of other factors to consider that quickbooks doesn't help with