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.

Matt MacInnis

Running a business isn’t easy, so knowing that David is always available to discuss not only the numbers but all aspects of the business has been a huge asset. I would highly recommend David and his team at Bruce & Monahan.