Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
This course covers the tax benefits of income splitting, provides a detailed review of relevant income tax legislation, including the expanded TOSI rules, and reviews remaining opportunities to accomplish income splitting. Participants will have an opportunity to apply the tax legislation to various examples/case studies, to simulate practical real-life situations.
Families that function as a single economic unit can benefit from tax savings if income can be taxed in the hands of lower-income family members. This is referred to as income splitting. The Income Tax Act contains many rules related to income splitting; and while some are permissive, most are restrictive. The latest of these - the expanded Tax on Split Income” ("TOSI") rules - became effective in 2018, and their implications are far-reaching and punitive. Consequently, many former structures and plans will no longer achieve the intended results and may trigger adverse income tax consequences. In addition, some situations may be caught when income splitting was not an objective.
Topics Include:
- Introduction/overview of income splitting
- Traditional rules that prevent or restrict income splitting
- Existing rules that specifically allow income splitting
- Expanded Tax on Split Income ("TOSI") legislation
- Examples for application of the expanded TOSI rules - fundamental and advanced
- CRA commentary on expanded TOSI legislation
- Strategies for successful income splitting
NOTE: This course description has been revised and reflects updates for 2024. If you have any questions, please contact pdevents@cpaontario.ca.
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Key Takeaways
By the end of this course, participants will be able to:
- Apply various "traditional" rules in the Income Tax Act that operate to specifically allow or prevent income splitting.
- Apply the expanded Tax on Split Income ("TOSI") legislation to different situations.
- Identify former income splitting techniques that no longer achieve intended results.
- Recognize new potential strategies for income splitting.
Who Will Benefit
CPAs, with a solid knowledge of income tax basics, who advise individuals, professionals or business owners on matters related to income splitting.
Prerequisite(s)
- General income tax knowledge, both personal and corporate.
- Prior experience with income splitting or remuneration strategies for owners of private corporations would be helpful, although not critical.
How to Access the Course
This is an online session. This course is available 24 hours a day, 7 days a week. Once registered, you can access the material at any time.
However, you will only have access to the course for 90 days after REGISTRATION.
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To access the course on your computer please visit our BlackBoard site, and log-in using the same login and password used for the Registration Portal.
Please allow up to 15 minutes after registration for the course to appear on your BlackBoard page.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.