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Tax on account withdrawals?
11/19/2017 12:48:08 PM
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Wealth Builder
Gordon Pape writes on common-sense wealth-building strategies.



By Gordon Pape  | Wednesday, December 15, 2010


 

Q – If I withdraw funds from my investment account from time to time, are they taxable? Also, if my adult children withdraw funds from their investment accounts and in turn give those funds to me, are they taxable or considered as a gift? – Lynda H.

A – If by “investment account” you mean a non-registered account (not an RRSP, RRIF, etc.), the money is not taxable. TFSA withdrawals are also non-taxable. Your adult children can give you as much money as they wish, with no tax consequences. We have no gift tax in Canada. – G.P.

Gordon Pape is one of Canada’s best-known personal finance commentators and mutual fund experts and a regular contributor to the Fund Library. Click here to submit your question to Gordon.

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The foregoing is for general information purposes only and is the opinion of the writer. This information is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice. However, please call the author to discuss your particular circumstances.

 
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