Quote:
Originally posted by fredr123@Mar 4 2005, 03:35 PM
I had a vivid dream a couple years ago that I won $13.2 Million dollars in the lottery. I want to be prepared, when that day comes, for what I will do with the winnings. I'm not looking for comments like "Go on a trip" or "Buy a car." I've got my own ideas in that regard 
But what about the practical aspects? You don't walk into CIBC with that giant cheuque and deposit it into a single chequing account. Would you take the lump sum payment now or accept the installment plan? Does it make a difference how much you win? Do you throw it all into a regular account and get extra deposit insurance or diversify your holdings across multiple accounts, investments, etc.? What are the tax implications here? These are the kind of problems I wouldn't mind having to deal with someday. Any thoughts?
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You'd get the entire $13.2 million tax free in Canada, no installments.
I'd buy a couple of new SUV's and maybe a Mustang or a new Jag because the missus would kill me if I didn't. Pure self-preservation.
I'd do some renos on my house. I'd lob some at the Humane Society and be the occasional "Mr. Anonymous Donor" to various things.
I'd arrange to go in the best suite on a Round The World Cruise in stages, a little at a time.
I'd throw the rest on the pile and keep going.
Cowperson