S is for SPLIT. Income splitting is a strategy that involves transferring a portion of revenue from someone is actually in a high tax bracket to someone who is within a lower tax segment. It may even be possible to reduce the tax on the transferred income to zero if this person, doesn't get other taxable income. Normally, the other individual is either your spouse or common-law spouse, but it can also be your children. Whenever it is possible to transfer income to someone in a lower tax bracket,...