Burnaby Canada (Greater Vancouver) husband wants to

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My question is: Canadian-specific
QUESTION: My wife and I are both retired. I have a good pension and my wife gets minimum CPP. We are joint tenants in our morgage free $400,000 Burnaby area house. Can I buy out my wife's half share of the house by transfering assests from my RRSP, stocks, bonds portfolio to her, this would give her pension income. What are the hidden costs and tax implications to us.
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You are likely too late to get anything into your wife's name in terms of RRSP or pension.with one exception.  You can apply to the CPP board to have your CPP and your wife's CPP split between the two of you.  I would guess that will lower your top end income by $300 to $400 a month which will save you some $400 a year inb tax and possibly save you some Old Age Security clawback.
You can also use cash monies or stocks and bonds to buy your wife's half interest in the house.  this would reduce your taxable income by the earnings on teh $200,000 and increase your wife's income by a similar amount.  Again, depending upon your income and depending on your wife';s final income, thsi could have the effect of saving 10 to 20% (of the income) in income tax between the two of you.
Do not do it without checking with someone first.
I would be glad to assist of course on a fee for service basis.
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver,  BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321 
[email protected]
www.centa.com www.david-ingram.com
Disclaimer:  This question has been answered without detailed information or consultation and is to be regarded only as general comment.   Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
This from "ask an income tax and immigration expert" 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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another similar question will be as we lump them.
You may find more answers at www.centa.com
David Ingram of the CEN-TA REALTY  Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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