Am I allowed to income sprinkle with family members?
Yes, you can. Generally speaking, you can income sprinkle with a family member as long as the family member is of a certain age and is either actively involved in your business, has ownership in your business, or uses the money for an investment. For more detailed rules governing income sprinkling, please click here.
I am a senior, can I split my income with my spouse?
Seniors can split their pension income with their spouse or partner, including income that qualifies for the federal pension income credit. This would allow higher earners to split up to 50% of their pension income when it is withdrawn at the age of 65 or older. Seniors aged 65 and over can also income split using a corporation.
