Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Understand Income Splitting as a Tax Reduction Strategy 🤔

18 Jan 2024 · 1 min

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This YouTube video (Richard Canfield, Jan 18, 2024) explains income splitting as a tax-reduction strategy. In this excerpt speakers emphasize that income splitting is not only for seniors — it requires planning ahead — and that when using registered plans you must consider who will withdraw the money because tax consequences depend on the recipient's hands.

Chapters

One of the things when people hear about income splitting, they go, well, it's just for the older folks, it's like seniors. You got to worry about that. Well, it's not you should be thinking about it. You should be planning for it. Well, before you get to the age where most people think of income splitting, if you want to achieve a certain outcome, you have to plan for it.
Yes, there's an income splitting strategy here, but it's also if we're going to work with a tool like the registered plan, you have to really think through and consider who's going to end up taking the money out. And if we if the goal, if the quote, unquote goal is to pay less in tax, if that's their true objective, you have to really consider whose hands is it going to be taxed in.