Sentences with phrase «attribution rules do»
Jonathan Chevreau notes that the TFSA allows income splitting because attribution rules do not apply for income earned within the account.
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Since returns in the form of interest, dividends and capital gains are sheltered from tax, the rules of attribution do not apply.
As for attribution rules, you'd have to do it in 3 or 4 year segments.
This would have to be done in 3 or 4 yr spurts (due to attribution rules).
If the withdrawal qualifies for attribution to the annuitant under the 3 - year hold rule, it is the responsibility of the client to prove to Canada Revenue Agency that the spouse or partner contributor did not make the contribution.
Just don't forget the CRA's attribution rules: If, say, you contributed to a spousal RRSP for your wife in any of the previous three years and she makes a withdrawal this year, it's taxed on your tax return instead of hers.
Unlike gifts, spousal loans do not trigger the attribution rules, so the low - income spouse will be responsible for paying any capital gains taxes at a lower rate.
«Attribution» rules apply if you do that.