Planning a Small Corporation earning $120k+ with income splitting.

[rnorman3]

I don't know 100% how it works myself, my accountant suggested it to me as he did it himself, and my lawyer agreed (and another lawyer, my dad agreed as well) that it was the best way to operate as I'm an independent contractor. So I bill my client under the trust name, then the income is split among our family in the most tax advantaged way. My understanding is that it was easier to split the income this way than doing a corporation.. Less paper work, no mandatory "meetings".

Thanks, this is exactly what I was asking about in another post to this forum but no body could really explain it either. Sounds like you don't have a corporation setup at all, that would be even better. If there's any one out there now that can explain this please do.


Thanks!