Question
For the scenario below identify 3 tax planning strategies and explain why they would be useful from a tax perspective. Adam and his partner Steven
For the scenario below identify 3 tax planning strategies and explain why they would be useful from a tax perspective.
Adam and his partner Steven have 3 adopted children ages 3, 7, and 12. Adam and Steven both work as dentists and earn $140,000 gross. They are taxable. They have maximized their TFSA accounts and have made small contributions to their RRSPs. They have sizable investments in each of their own non-registered accounts. They want to ensure they have enough savings for all the kids post-secondary education. They currently rent a house in Milton but want to move closer to the city because that is where all their friends and family are located.
Please answer it in detail, as much as better. Thank you!
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started