In trust accounts for my kids in Canada - Fred Snyder

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Subject:        In trust accounts for my kids
Expert:         [email protected]
Date:           Tuesday June 15, 2004
Time:           03:27 PM -0700
QUESTION:
If my 9 year old want's me to buy shares in publicly traded company, how will the dividend income and capital gains be treated?
thanks,
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david ingram replies:
This is an answer for Canadians.
Section 75 of the Canadian Income Tax Act states that you will pay the tax on any interest or dividends unil they reach age 18.  However, any capital gains will be taxable to the child or children.
To operate an "in trust" account, you should get Social Insurance Numbers for each child.
You can find out more about "intrust" accounts and a comparison with RESP accounts at Fred Snyder's www.mutualfund101/com click on financial tips and find the link to RESP vs In Trust accounts.
Answers to this and other similar  questions can be obtained free on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at
www.600AM.com 
Local phone calls to (604) 280-0600 - Long distance calls to 1-866-778-0600. 
Old shows are archived at the site.
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This from ask an income tax immigration planning and bankruptcy expert consultant guru or preparer  from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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