Don't Let the TOSI Tail Wag the Dog: Income Splitting Insights with @CanadaTaxGuy
What’s the deal with TOSI? If you’re a Canadian business owner, understanding the Tax on Split Income (TOSI) rules can save you from unintended tax bills — or even a nasty CRA audit.
In this episode we sit down with Mohammed Al-khooly, tax expert, Twitter sensation (@CanadaTaxGuy), and co-founder of Copilot Tax, to dive into the world of income splitting. We unpack how TOSI works, who it applies to, and the common pitfalls that business owners face.
Expect to learn:
✅ What income splitting is and why it’s a key tax strategy for business owners
✅ How the TOSI rules target certain dividends and partnership income
✅ The exceptions to TOSI that could still work in your favor
✅ The role of excluded shares, excluded businesses, and age-based rules
✅ Why good record-keeping and proactive tax planning are critical
Plus, Mohammed shares real-world scenarios and actionable advice to keep your business in the clear. Whether you’re planning for succession, considering dividends, or just want to understand how to navigate TOSI without getting burned, this episode is for you.
🔎 Bonus: Check out the show notes for a link to Kim Moody’s famous TOSI decision tree and follow Mohammed for bite-sized tax tips on Twitter!
🎧 Available now on Spotify, Apple Podcasts, and wherever you listen to podcasts.
Kim Moody's Simplified TOSI Flowchart (Tax on Split Income)
Tax Cloud Accounting Service in Canada | CoPilotTax
Mohammed Al-khooly, CPA, CA, CFP | LinkedIn
For more information, visit www.westmountwealth.com or contact us at https://www.westmountwealth.com/contact
This podcast episode has been prepared by Mehul Gandhi, CFP®️, CLU®️, TEP an Estate Planning Specialist and Senior Insurance Advisor for Westmount Wealth Planning Inc. Westmount Wealth Planning Inc. is a subsidiary of Westmount Wealth Management Inc. Westmount Wealth Management Inc. is registered as a Portfolio Manager in British Columbia, Alberta, and Ontario.
This episode contains the current opinions of the host and guests, and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide personalized legal, accounting, tax, or specific investment advice. Please speak to a Westmount Wealth Advisor regarding your unique situation.
