Sentences with phrase «attribution rules»

Give your spouse cash to contribute to their TFSA; any growth is not subject to income attribution rules between spouses.

As for attribution rules, you'd have to do it in 3 or 4 year segments.

Is this a viable strategy to get around attribution rules - i.e. I make the money, but the investments are in my wife's name?

To me this appears to be a way around the income attribution rules.

The Three Year Attribution Rule applies when the money is taken out too early and the government thinks that the spouses are in cahoots to use this retirement - planning tool as a way to lower their tax bill instead of saving for retirement.

Be aware of attribution rules and take out as little as possible to extend tax deferral.

The Three Year Attribution Rule applies when the money is taken out too early and the government thinks that the spouses are in cahoots to use this retirement - planning tool as a way to lower their tax bill instead of saving for retirement.

Jonathan Chevreau notes that the TFSA allows income splitting because attribution rules do not apply for income earned within the account.

The government restricts the benefits of income splitting with attribution rules, which are designed to attribute income back to the high income earner of the family.

do normal attribution rules apply or do the funds now belong to the TFSA account holder and thus not attribution applies?

First, attribution rules still apply if the child withdraws from the policy before the age of 18.

I do find that weird given that this is then a way to get around the normal attribution rules if you pass it through the TFSA.

A quarterly interest rate set out, or prescribed by Canada Revenue Agency under attribution rules.

There are exceptions where the spousal attribution rule wouldn't apply, such as if Ella died the year the funds were being withdrawn.

First, I understand there is a three - year period of non-contributions to any spousal RRSP before the spouse can withdraw the money without attribution rules applying.

Or the Canada Revenue Agency could better enforce existing personal service business rules and corporate attribution rules, reduce the gap between the capital gains rates and the dividend rates and effectively end «artificial tax planning» (thus avoiding pages and pages of new rules).

Be aware of attribution rules and take out as little as possible to extend tax deferral.

Secondly, spousal RRSP contributions can not be withdrawn for three calendars years from the year they were contributed or else the contributor will have to pay tax on the money (this is called the Three Year Attribution Rule).

Waters agrees that for most people, it's somewhat unrealistic to have zero income other than dividends, although it can come up if children are the beneficiaries of a trust that flows out eligible dividends, for example (being mindful of income attribution rules).

Attribution rules don't apply to assets transferred as a result of separation, providing the couple continues to live apart.

In determining stock ownership, the attribution rules of Code Section 424 (d) shall be applied.

That seems to be the default assumption although it's possible to adjust the split if you can satisfy the attribution rules and show a disproportionate amount of the non-registered capital came from one spouse or the other.

The rush to beat the Oct. 1 deadline is that in order to avoid the attribution rules from applying to a spousal loan such as this one, you need only use the prescribed rate in effect at the time the loan was originally extended.

That's true, much of the attribution rules only apply to spouses and minor children and not adult children, so transferring assets to adult children should be much easier than transferring to minors.

As long as accumulations were not tainted with birthday money or other adult - source funds, we avoided the «Attribution Rules.»

In this case, the attribution rules would prevent a grandparent from splitting dividend income with their minor grandchildren until they were 18 years old.

«It gets even more complicated if you gift property to a spouse or a related minor child,» says Luk, where the gifter may be hit with «an unexpected tax consequence known as the attribution rule.»

Secondly, spousal RRSP contributions can not be withdrawn for three calendars years from the year they were contributed or else the contributor will have to pay tax on the money (this is called the Three Year Attribution Rule).

Luckily, there are several clever ways to get around the attribution rules — and they're all perfectly legal.

«It was just one line on spousal RRSPs and the attribution rules for withdrawal, but that one line got me thinking.»

So in Canada, we have attribution rules that try to force you to pay the tax rate of the higher - income earner, even if he or she gives the money to lower - income earners in the family.

I think CRA may wonder how a 4 - year old has thousands of dollars to invest — and then the attribution rules kick in.

I'm not advocating Leon's approach, but aren't capital gains exempt from the attribution rules?

This would have to be done in 3 or 4 yr spurts (due to attribution rules).

As for the attribution rules no you don't have that right either.

Take advantage of the fact that income earned on income is not subject to the attribution rules.

Unfortunately, there are a number of legislative provisions — «attribution rules» and other anti-avoidance measures — designed to prevent saving taxes by shifting income between taxpayers.

Just be aware of the Canada Revenue Agency's attribution rules: You can't make a contribution in the same year you withdraw the money, or in either of the two previous tax years.

In your wife's case, just make sure that you are aware of the attribution rules.

Upon subsequent sale during your lifetime, special «Attribution Rules» require the capital gain would be reported by the transferor.

The attribution rules apply once the funds are withdrawn unless they were part of a spousal loan arrangement.

SPOUSAL TFSA: Unfortunatly no you CAN NOT have a spousal TFSA account, HOWEVER CRA waves attribution rules when it comes to the TFSA so you could gif money to your spouse who can invest it in the TFSA and there wont be any attribution rules to worry about everything is tax free.

The attribution rules won't apply if you are paid interest on the loan at the prescribed rate in effect at the time the loan is made.

In implementing any income - splitting strategy, you have to be careful if you want to avoid the attribution rules.

3 Attribution rules are income tax provisions that apply to an individual who transfers assets to a third party.

However, because John provided 90 % of the investment made by him and his wife, 90 % of the net income allocated to the spouses must be reported by John, as per the Attribution Rules.