For a detailed analysis and consultation please call. In the section under Cottage we talk about Capital Gains Taxes on recreational property gifted to the next generation. As I mused the other day about other forms of taxation, I was amazed at how many different flavors taxes come in in addition to the basic income tax. I'm sure I have missed one or two. It probably became the RevCan's favorite as well.
Annuities provide guaranteed lifetime level income to the annuitant.
Any unpaid capital portion of an annuity beyond the guarantee period vests in the insurance company for the benefit of other annuity holders and slips from the immediate grasp of the tax man. T his significant exposure to tax comes as a surprise to many RRIF owners. It's great to accumulate capital. This is particularly painful if this surplus capital was to be your legacy to the children or grandchildren. This huge tax bite has led many people to seek ways of keeping more of their hard-earned capital in the family.