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The tax implications of gifting adult children money and more
– moneysense.ca
Can I put some of the bank cash into an RRSP now and/or later? I would like to get an annual tax benefit from that deposit, and I’d also want the annual government withdrawals to be paid back to me from that cash (as long as it’s held in a cash position within the RRSP).
As an aside, can I also gift my daughter funds to help her out without her being exposed to any tax from the gift? My health is good but I do think I have enough to take care of myself. I just want to do the best for everything my wife and I worked so hard to save…
I am aware I can pay myself a dividend, but I thought a business had to have earnings in order to declare a dividend. Is that the case? As I am a one-person operation, am I even allowed to declare dividends anymore? I heard the tax laws changed recently.
–Linda
Linda, you have a corporation and $100,000 of cash you have saved. A common mistake by business owners is thinking they cannot invest this money. A corporation can buy guaranteed investment certificates, stocks, bonds, mutual funds, and exchange traded funds. It can work with an investment advisor or open a self-directed brokerage account. A corporation can even buy a rental property or invest in another business…