Line 424 - Federal tax on split income

Line 424 - Federal tax on split income

NEW! As of January 1, 2018, in addition to the tax on split income (TOSI) applying to certain types of income of a child born in 2001 or later, the TOSI may now also apply to amounts received by adult individuals from a related business. Where TOSI applies, the disability tax credit can now be used to reduce the individual's tax payable for the year. However, income that is subject to TOSI must now be added to the individual's net income to calculate various deductions, credits and benefits. For more information, see Form T1206, Tax on Split Income.