Thursday, December 28, 2017 12:53:18 PM
An example is when on your personal statement from your broker it is marked in red. Now it’s true you can offset the tax burden against your loses but what happens if your broker dealer suggests that you move your account keeping certain assets behind that are under water in what is owed in tax’s.
Keep in mind that every thing is fine if the equity in question is positive. Also if the bank takes the Deed of Gift and uses the tax debt against there own earnings. You can also will the gift to the company itself. What you don’t want is too die and leave the tax burden to family members in probating your will.
Best too leave the burden too the state. So if you have a spouse as the benefishery of your account then he or she will be burden with your decision that you may have now or soon will have.
No big thing too a highly paid CEO or CFO that can absorb the tax and in fact help lower there personal tax burden. The income splitting was a great tax loop as well. Dividends exceptance as well was help full.
The banks are truly looking out for you. I would advise that both Canadians and American citizens read the new tax changes or go and talk to your accountant. What is coming will take you by surprise. The country leaders have talked about building out infrastructure across the country. They have talked about lowering tax’s for the lower and middle income earners. Stop and ask your selfs how this will be accomplished. Get hold of and read the full implications of the new tax reforms coming to all citizens of North America.
Good luck and please pass on what you discover through the use of social media outlets on the internet.
For me, I will keep it close to the chest as my dirty little secret.
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