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Glossary of Terms

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Income Splitting

Income splitting is a strategy of shifting income from a higher income earner to a lower income earner in order to reduce the overall tax paid by the family.

Incorporation (Incorporate)

The act of forming or creating a corporation by filing the required documents.


A person who joins with others to form a corporation. The person or persons who sign the articles of incorporation.


Compensation for loss; a promise to pay for costs incurred by a person on the occurrence of an anticipated loss.


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