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Concerning the Family Tax Cut, how can I reduce the amount of income splitting with my spouse? It's not in my favor to split the maximum amount!
My non-refundable tax credits exceed my Federal tax after income splitting, so they're basically 'going to waste'. Thus I'm loosing several thousand $$/year. I need to split a lot less than half of my income off to my spouse, so I can take full advantage of my non-refundable tax credits.
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Self-employed
The family tax cut does not "split income" It compares the income of both persons and calculates an amount to equalize the incomes, thus dropping you into a lower tax bracket. In this way you pay less tax. The calculation is what it is. You get whatever reduction in tax that up to $2,000 max. You are losing nothing. It will not give you a refund, and it is for no other purpose than to reduce the amount of tax paid or payable. If you already pay no taxes, you get no benefit.