Can I get help on this please .
Joalie: Tax on split income (TOSI) has been revised by the government.
Not sure what you need help with but review the information below to assist you:
rules for tax on split income (TOSI) were revised by the government for 2018.
Income subject to TOSI will be taxed at the highest tax rate. These rules aim
to eliminate tax benefits arising from splitting income between family members
who have not made a significant contribution to the family business.
rules surrounding TOSI pertains to the following types of investment income:
and shareholder benefits from Canadian private corporations
income derived from a related business or from a rental of a related person
income derived from private corporation dividends/benefits, a related business
or a rental where a related person is involved
from debt (e.g. interest) from private corporation, partnerships or trusts
or gain from disposition of private corporation shares and other property where
the TOSI rules have historically applied
The government added many exceptions to the TOSI rules. If an exception
pertains to your situation, then the TOSI rules will not apply to you. This
means the particular income would be subject to the regular tax rate.
take the time to review these additional links to assist you in understanding
as well as reporting TOSI.