Quote:
Originally Posted by fotze
Don't you have to have employment income? My financial advisor recommended we file for our kids but Locke or I couldn't figure out why.
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Yeah, that was weird.
Quote:
Originally Posted by Wormius
Hmm.. What are the legalities of setting up a family business (Chores, Inc.) and paying your kids exactly the amount needed to pay for things like a share of the groceries, their own clothes, toys, books, etc. They could pay taxes at a lower rate, and my wife and I would have less income to declare. Is this feasible, or would I get bogged down by EI and CPP stuff?
I am sure there a million things I am missing, that would probably get me fined or locked up for this.
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Theres lots wrong with this. First of all, when dealing with a non-arm's length transaction there are stipulations around fair market rates and qualifications for work. Secondly, it has to be work thats eligible to be written off in the first place, etc.
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