[cuzzin_elias]

Is there anything wrong with having a younger sibling get a trading account & use that to trade to avoid paying capital gains?

 

[furgy]

Is there anything wrong with having a younger sibling get a trading account & use that to trade to avoid paying capital gains?

I'm sure it's been done , but you can't seriously be asking if it's legal , maybe check with CRA and see what they say.

Be sure to give them all your details though , name , address , etc. ,so they can give you a proper answer.

Can you say TAX EVASION ??

By the way , why would you be trying to avoid paying capital gains to someone , capital gains are what you get if your lucky , capital gains tax is what you pay , and probably what you would want to avoid.

 

[Cal]

I have heard of some adults who have had assets/properties etc. in some of their children's names. Over time the children became adults themselves, got married, then divorced, and their ex's were entitled to half of the assests in their name. Ouch. So much for avoiding capitals gains taxes.

 

[balexis]

I thought when you got a divorce, the assets that are split in half were only those that were gained AFTER the marriage, not since birth. It is really the case?

 

[Cal]

If you owned the property since birth....and when you got married the property was worth 100K...and when you got divorced it is worth 150K...then the ex spouse is entitled to 1/2 of the increase in value since the date of marriage...so in my example 1/2 of 50K.

just because it is the law doesn't mean it is always fair.