Tuesday, April 28, 2015

You don't have to take income splitting. At least one guy hasn't ...

The income splitting option is not mandatory for those who qualify for it. Like any other tax credit, it's optional. Tax software will flag credits to make sure you get every loophole you're entitled to - problematic if you still do it manually. One guy in the 15%, a labour leader, was given the option by his software to opt out. And he did. Even though it cost him 1500 bucks. His reason: Health, education and welfare need the money more.

If just ten percent of those who qualify did the opt out too, the government might realize that it isn't such a smart idea - or at the very least, should be made available to working class families too.

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