We are retired from farming. The corporate income is from land leases and oil revenue. We have equal shares in the corporation and operate it together. We take a salary and dividends in equal amounts.
If you both were active in the business and the amount of income for each person is reasonable in proportion to the work/contribution that they put in, then it’s likely that the Tax on Split Income doesn’t apply to you. However, it would be a good idea to contact the CRA and double check with them. If you are in Canada or the United States, you can call the CRA at 1-800-959-8281. Here are more ways to contact the CRA: https://www.canada.ca/en/revenue-agency/corporate/contact-information/telephone-numbers.html
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