Hey guys,
Just a quick question for all you tax lawyers and accountants.
If my parents are to receive money from the sale of a primary residence, and they would like to transfer some of the money to my brokerage account what would the tax implications be?
we are going to max out all of our TSFA's first but there will be a substantial amount remaining, in the range of 300 to 400k. They'd like to invest the money and my capital income tax is the lowest, thus the reasoning for transferring it under my name.
any tips/suggestions are highly appreciated. thanks!
Just a quick question for all you tax lawyers and accountants.
If my parents are to receive money from the sale of a primary residence, and they would like to transfer some of the money to my brokerage account what would the tax implications be?
we are going to max out all of our TSFA's first but there will be a substantial amount remaining, in the range of 300 to 400k. They'd like to invest the money and my capital income tax is the lowest, thus the reasoning for transferring it under my name.
any tips/suggestions are highly appreciated. thanks!