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Hi
I've read about filing tax returns for minors so they can build up RRSP room
for future contributions when they are earning a larger income and getting
their asses taxed off like the rest of us. Actualy read about this on your
website. How old do they have to be before this can be done?
I pay my ten month old daughter $125 a month so she can buy diapers, but
figure Revenue Canada might have something to say about this.
Seriously though we pay her 200 a month so she can save for University or
trade school when she is older. She puts it into her bank account under her
name. She has a SIN number.
XXXXXX
_________________________________________________________________
david ingram replies:
If your ten month old daughter posed for a diaper commercial and made a $20,000 modeling fee, she would have to file a tax return and that would build up RRSP room for the future.
It is hard for me to justify a $200 / month salary to any 10 month old child for anything but modeling.
However, if you have a valid reason, file the tax return. You will build up credits.
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