Understanding Income Splitting
The income tax you pay is based on a set of progressive tax rates. This means that the amount of income tax you pay increases as your taxable income increases. For example, in 2012 you would pay federal income tax of: 15% on the first $42,707 of income you earn, 22% on the next $42,707, 26% on the next $46,992,…
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May 10, 2012