Strategies For Giving Assets And Income To Other Family Members.

This article discusses strategies for giving assets and income to other family members in order to minimize tax liabilities. It covers various options such as contributing to a spouse's RRSP, giving money to a child's TFSA, and setting up trusts for income splitting. The article also provides information on tax considerations for loans between family members and the use of registered education savings plans (RESPs) and first home savings accounts (FHSAs). It emphasizes the importance of seeking professional advice and doing proper research to ensure successful wealth distribution within the family. [Extracted from the article]