New Rules Relating to Income Splitting

On December 13, 2017, the Federal Government released its rules relating to income splitting.

The new rules will limit the ability of owners of private corporations to split income with family members in most circumstances. In general, beginning on January 1, 2018, unless a spouse or child works an average of more than 20 hours per week in the business, it is unlikely that the business owner will be able to split income with the family members.

The new rules will make tax planning more complex. We will keep you informed as more information becomes available and as we develop tax planning opportunities for you relating to the above tax changes.

Dr. Sjoerd Borst

I have no hesitation recommending Bruce & Monahan – in fact I already have! I find Shawn to be warm and great at making a personal connection. At the same time, he is efficient, quick to reply and comprehensive. There are a lot of extra little touches that really come through with everyone I have spoken to. Knowing very little about accounting, I was never made to feel bad, nor do I feel my ignorance was ever taken advantage of.