YES, YOU CAN STILL SPLIT INCOME
Many of you have been reading my newsletters for years and have read many postings from me about family income splitting using low rate inter-family loans. Most recently, in January, I wrote about the need to be aware of the possible increase in the prescribed rate. There are rules in the Income Tax Act, referred to as the income attribution rules, which will, in certain circumstances, attribute income earned by one taxpayer to another. For example, if I give money or other p