Split income with your spouse - MoneySense

Split income with your spouse

Slash your tax bill with this easy to follow strategy.



Income splitting is an effective way to minimize the overall tax that you and your spouse will pay.

One strategy is for a high-earning spouse to contribute to a spousal RRSP for his or her stay at home partner. If you run your own business, you can cut your family’s overall tax bill by employing your lower-earning spouse — or kids — to perform some tasks you would otherwise have to do yourself.