Emile is an active investor in the market and is planning for the succession of his investment portfolio for his spouse and children. He has come to you with the following plan and would like your opinion on whether this would result in any tax consequences for him and his family.

$1.$ Emile transfers shares with a fair market value of $$50,000$ each to his twins who are aged $7$ years old. There would be no consideration received. The shares pay out interest of $$5,000$ per year and originally cost Emile $$5,000$ for each set of shares transferred.

$2.$ Emile transfers shares to his wife with fair market value of $$80,000$ and originally costing $$20,000.$ Emile has said he would not elect for the spousal rollover for these shares.

$3.$ Emile transfers additional dividend paying shares to his wife of $$80,000$ fair market value originally costing $$30,000.$ Emile would elect to use the spousal rollover.

$4.$ Emile transfers shares worth $$100,000$ fair market value and original cost of $$50,000$ to his $18$ year old son. Emile would also transfer a bond worth $$50,000$ with a $5\%$ coupon annually.

Required: Provide an explanation of the tax consequences for both Emile and his family member for each of the above transactions. If there is a disadvantageous tax situation, please explain if there are any planning strategies Emile could use to minimize these consequences.

$($under Canadian income tax act$)$