$$$Speaking of kids, ensure you have an RESP open. And the cheap loan rate also applies to a family trust. It’s easy to see that a year from now this deal will no longer exist. Even better, that rate can be locked in indefinitely for the life of the loan.
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The rules allow this without any of the investment gains being attributed back to you, if the loan carries interest at the prescribed CRA rate. $$$ Give a big fat loan to your squeeze for investment purposes, if he/she earns less than you. Every month you carry an extra amount in there the penalties will accrue. If you’re rebalancing things, never move an asset that’s lost money into your TFSA, since the loss cannot be claimed.īy the way, if you’ve over-contributed to your tax-free account, get the excess out now.
#WHY THE 10X RULE IS VITA PDF PLUS#
This means every dollar you take out now can be replaced next year, plus the new contribution room. $$$ Speaking of TFSAs, if you need cash to buy a golden retriever for Christmas or want to rebalance your portfolio by moving around securities in kind, do so before the end of the year. Just make sure the kids understand you want it all back The highest income-earner can contribute to family members’ plans with no attribution back to him/her and all income earned is tax-free. This is a great way to do some family income-splitting. Fill the tax-free account of your spouse, and also of your adult children. The current limit is $75,500, and you get six grand more in January. So what can we do to mitigate being Hoovered by Chrystia? The current government is all about two things: (a) spending and (b) taxes.
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Parliament resumes in a few days with a Throne Speech, then we get a killer budget. Enough with inflation, taxes, the climate and running your F150 on beets.