income splitting Canada

What is Income Splitting Canada?

Tax on Split Income (TOSI), another name for income splitting, is a tax planning strategy used in Canada to lower your overall tax liability. It means shifting income to relatives with lower tax rates. To take advantage of their lower marginal tax rates, the plan is to transfer money to other family members. What is

work from home expenses 2024

New CRA Work From Home Tax Deduction Guide for Canadians

In response to the unprecedented shift towards remote work prompted by the COVID-19 pandemic, the Canada Revenue Agency (CRA) has introduced new guidelines regarding tax deductions for Canadians who have been working from home. These work from home expenses and tax deduction guidelines aim to provide relief to individuals who have incurred additional expenses due