Gifting to Grandchildren
Gifting to Grandchildren
I am selling a couple of stocks for Tax Loss purposes. Am I able to transfer these to my grand-daughter as a gift? I expect to lose the tax loss but in the case of CPG something good might happen in her life-time certainly not likely in mine.
Re: Gifting to Grandchildren
Why? The tax loss is more important to you, and the cash to them, than almost* any stock, is to a grandchild. Unless the grandchild is an adult and has a brokerage account already, how exactly is that grandchild going to identify with it, CPG especially. There are better teaching moments.
* Disney maybe, or the yellow arches.
* Disney maybe, or the yellow arches.
finiki, the Canadian financial wiki The go-to place to bolster your financial freedom
Re: Gifting to Grandchildren
My grand-daughter is 27 years old. Between us we have set up her TFSA (actually remaining funds left over from her RESP after she graduated from University) so we are using it as a learning tool.
I agree - my idea of the Tax Loss does not make much sense.
As she will inherit most of my portfolio I am thinking of 'gifting' to her TFSA now as she has room! Hopefully this will be helpful in a down payment for her home someday!
I agree - my idea of the Tax Loss does not make much sense.
As she will inherit most of my portfolio I am thinking of 'gifting' to her TFSA now as she has room! Hopefully this will be helpful in a down payment for her home someday!
Re: Gifting to Grandchildren
Now that makes a lot of sense!
finiki, the Canadian financial wiki The go-to place to bolster your financial freedom
Re: Gifting to Grandchildren
Note that financial institutions are reluctant or will refuse deposits to a TFSA except by the person whose TFSA it is. That is why I have given money to each of my children so that they could make the deposits to their TFSAs.
" A verbal contract isn't worth the paper it is written on " Samuel Goldwyn
"The light at the end of the tunnel may be a freight train coming your way" Metallica - No Leaf Clover
"The light at the end of the tunnel may be a freight train coming your way" Metallica - No Leaf Clover
Re: Gifting to Grandchildren
Thanks for the info. I was about to explore that but I believed that to be the case.
Re: Gifting to Grandchildren
TDDI refuses to accept from even a spouse then it took over a month to get the money back between TDDI & BNS.
Why wouldn't you just sell it take the loss, give her the money to put in her TFSA and if she really thinks CPG is now a good stock she could buy it.
Why wouldn't you just sell it take the loss, give her the money to put in her TFSA and if she really thinks CPG is now a good stock she could buy it.
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
Re: Gifting to Grandchildren
Yup i had that happen to me. I had to fill out some agreement form and we had to give verbal consent together before they would finally allow direct desposits into each others TFSA accounts.