Investments and Attribution

posted 3 years ago in Money
Post # 5
Member
6073 posts
Bee Keeper
  • Wedding: August 2012

Hmm, I’m not sure I have these types of accounts?  I wish I could help!

Post # 7
Member
6073 posts
Bee Keeper
  • Wedding: August 2012

@AB Bride:  I have a very small ING Direct account, but there’s only $150 in it. That’s the only account I have to claim the interest on for my yearly taxes.

Post # 10
Member
5192 posts
Bee Keeper
  • Wedding: April 2013

This is very interesting…are you saying that in Canada that even though you file as a family the government wants to know who’s income was contributed to the particular investment?

I’m a fellow Canadian but I have not filed as a family before (and won’t as although I’m a newlywed, my DH is still living and earning income in the USA).  

I’m very interested in personal finance and these types of puzzles, if you give me more info about the problem I’m sure I can help figure things out.  For example, what part of the CRA website deals with income being taxed by the person who earned the money?  

…I’ll look it up

Post # 13
Member
5192 posts
Bee Keeper
  • Wedding: April 2013

@AB Bride:  Oh, I was referenceing this part of your post “DH and I will have to build up our TFSAs again after buying a house, but we need to figure out some system!”

I realize now that you were saying this isn’t an immediate issue, but I thought you were saying you were trying to figure out how to do this with your TFSAs as well as with your non-sheltered investments.

Anyway, I don’t have a system since I file individually.  But, if I were to create a theoretical system for us, I’d have the lower income earner contibute the money for the investments, since they are at a lower tax bracket.  I’d do this on the long term outlook – who do we expect will be the lower income earner in the long term, not necssarily who is lower now – since my investments have a long term outlook.  

But anyway, that’s just theoretical and I don’t know all the fine points of it.  I’m sure your looking for something way more detailed than that!  If you don’t find answers here I’d suggest checking out the forums on some financial blogs, such as Get Rich Slowly.

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