Does the new Tax On Split Income (TOSI) applies to income from "General Partnerships"?
Thank you very much.
Yes,
TOSI – Tax On Split Income.
Prior to TY18, the TOSI applied the highest marginal tax rate (currently 33%) to "split income" of an individual under the age of 18. In general, an individual's split income includes certain taxable dividends, taxable capital gains and income from partnershipsor trusts. Now, these rules apply to individuals under 25.
If the individual is active in the business, TOSI will not apply.
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