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ta - mmmrx) cummcu - Wednesday. December 24. 2014 ' i % “ a B tt t th ° h "_...‘-- H -.- a e er presen S an just cas a f .,’ ‘ ._ _ ,‘ ”a“? ' a" , if- or .a ”5 ix 1 ’ ‘ Giving your kids or example, if the child decides order of guardianship of the .""‘ rev/Jaw» ”a l ' grandkids the gift or not to pursue a post-second» property of the child, or go ‘ cash at Christmas is a good ary education and the plan through some other court thing, isn't it? Well, yes and income is withdrawn as an process, depending on their no. accumulated income pay~ province of residence, and a Yes, financial gifts are ment (MP). grandparents the amount they would like Merry C fins tmas and always aaaraalalaa- aul avalaaa wlll aaalla la called la- because cash is the gift that contribute the MP to their Consider also that cashâ€" doesn't keep on giving â€" RRSP. instead, give the ing in equities to raise funds jl-amy MW ye “T! once it's gone it's gone money to the parents so they for the gift may trigger unrea Here are some more creative can contribute to the child's aimed capital gains or losses ways to give money as a gift already in place investments and there can be tax implica- Wish,” ou a wonderful hohda e son â€" ways that will keep in giv- heldin theRFSP tions. AlSO' if the cash glf‘l is fl] d 941 th ‘ t f y sh a ing, Create I firm-l trust. if invested in income-produo ' e W! e Spll'l 0 peace and Ope- Buy a stock, bond or the amount of the gift is sig~ ing investments, the income units of a mutual fund nificant, a formal trust can will need to be reported by fix 9; ”a ‘ a 0; throng: an account In the ensure that adequate con» the contributing parents or ‘s S \ ‘\ (\ \ N ”K “fin-mane recipi- trolsarein placeandthat the grandparents on their tax ent will not have the legal funds will be used in the returns until the child turns ) capacity to cash the account intended manner. 18, MW year S Levee in until theyteach theage of Keep in mind that when A financial gift to your majority. In most cases. so giving financial gifts to kids or grandkids can be the longas the reciplem remains minors, the grandparents gift that keeps on giving a Sunday January 4, 2015 a minor, the parents’ author will not have the authority to when it's properly structured. q ization will be required to manage the child's financial Your professional adwsor 1300 - 3:00 pm establish the account and to affairs, and parents typically can ensure that happens In , accept further contributions will not either. Once the ft the best issihle way St. George Hall, 665 King Street North, Waterloo Gown,“ u, rm... is pm' me money in p‘ ' mumhddwldflna have to stay within the ... EV on ,' W l _I Registered Educ-tron Slv- account until the child ”ruminant: Lsprrwlaledbtl‘ efy e S 6 come In, Plan (RESP). However, nachos the age of majority in Arr-mane (rmup Private Wealth it's generally not recom- theirprovince of residence. If Management (bnmt‘IRthv _ mended that grandparents the parents want the account Mch'arhme, (TFPLPCA. ( “mm a: 2 Km St 8. Wm l * I We! mblish a separate RFSP for cashed out in advance, they 5194882360 err. 241 (”grim 51916-1573 We. their grandchildren A for may have to obtain a court mumrmrhmer-nm Waterloo Chronicle 6’ “as‘l ?' ill I l‘\ l HY H( HHH l l* . . ) I . ‘ I g ‘ _ l l l l , 3 1 st “nit-11m» Chronicle llilllflrl'» Office ”(illl'S‘ \ l L r \ ‘, ‘g A t) r. ' 0 ) i Q ‘7 Q ”1 a as: (l ll ll 1\ ma\ 3 as , V yr \ k. a b a"? WATEâ€"m‘llbh C