On a related note, I’d like to help my kids get started with RRSP/TFSA. They’re currently students so would get no immediate tax benefit so TFSA might be the better option?
Either way, is there a tax-efficient way to move $ from my RRSP to theirs? I assume I would need to cash out but don’t know if I can claim a deposit to theirs? Are there any provisions for ‘early inheritance’. I’m not talking huge numbers so trusts or the like probably don’t make sense.
In the end they’ll get the money one way or other unless I go out on a binge, but having them establish and manage their own retirement funds now might get them in the right mindset.
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