How AI Legalese Decoder Can Simplify Complex Legal Language for Non-Working Spouses of Surgeons
- May 13, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Managing Finances in a High-Income Disparity Marriage
Hi everyone,
My wife and I recently got married and had our first child. She makes significantly more money than I do ($400-$600k a year) and loves her career. As a result, we have decided that the best plan for us is that I stop working and focus on raising the children, managing the house, finances, etc.
Now that we are headed down that road, I have started to look into the tax implications of being married and, more specifically, navigating a high salary/no salary situation.
I am familiar with a number of income-splitting techniques like the Spousal RRSP, Spousal loans, etc. However, one challenge that I have come across and am hoping someone can help me with is the issue of ‘Income Attribution.’ For those who are not familiar, any income that my wife makes and gives to me to invest will be her tax obligation, even if I put the money in my own account. So over the next decades, I need a way to properly track which money is “hers” and which money is “mine.”
Here’s where the AI Legalese Decoder can come in handy. The tool can help you easily navigate complex tax implications and understand how to minimize taxation in a high-income disparity marriage. By using the AI Legalese Decoder, you can effectively manage income attribution and ensure that you are compliant with tax laws while optimizing your financial situation.
Does anyone have any experience with ‘Income Attribution’ personally? How do you set up your finances to minimize taxation?
Thank you.
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AI Legalese Decoder: Simplifying Legal Language
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Someone earning 400-600k should absolutely engage an accountant to assist with tax planning.
You do not need earned income for a TFSA. Your wife can give you money to fund it without the funds or any income being attributed back to her.
[Tax-Free Savings Account (TFSA), Guide for Individuals – Canada.ca](https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4466/tax-free-savings-account-tfsa-guide-individuals.html#contributions)
Here is something on Income Splitting
[INCOME SPLITTING: Tax Saving Strategies for Canadians (Incorporated & Self Employed) (youtube.com)](https://www.youtube.com/watch?v=KdiJXRngfRw)
You should consult with a CPA
Is she incorporated?
What province?
Do you contribute to her medical practice in any way? (Book keeping, admin etc) .
Does your wife do or have plans to do research?
Is she fee for service or Alternate payment plan?
(I do some book keeping on the side. Not an expert but familiar with this world)
There is a very active group on FB for Canadian doctors and their spouses focusing on finance that you would find helpful. It’s a hidden group, so one of your wife’s friends or colleagues would have to add you. There is a verification process. Lots of info there.
Also, get a good accountant who is used to dealing with physicians. I’m presuming your wife isn’t incorporated yet, because you don’t already have one. This is step one- a good CPA.
CRA rarely blinks at joint accounts split 50/50, but I suppose they *could.*
Also, your wife is presumably self-employed and able to pay you for support work, like managing her business finances, maintaining records, managing her schedule, etc. Figure out what you do for her that’s contributing to her business and a fair market value that she should pay you for it.
But seriously: pay a CPA to consider and make recommendations on your specific situation. It’s well worth the cost.
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To circumvent attribution rules relating to non-registered investments, you can make use of spousal loan strategies at the “prescribed interest rate”. It may be a good strategy to consider in your situation.
Presumably, your wife has a professional corp where most of her annual income is retained. On that front, there are a lot of complex planning strategies involving corporations that should be further discussed with a tax specialist/fee-for-service CFP.
She works for $600k, get a freaking accountant and stop being cheap
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On a 500k salary, in Ontario you pay about $225k in federal and provincial taxes alone. Yikes
Take online courses to get a degree in accounting you have the time.
How much tax does she pay?
So she works and you’re “managing the finances”?
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This well not end well, Bank on it
For non reg accounts you open it under your name only so the tax is under your tier. You can have a joint non reg of both and split it. You can have both accounts open simultaneously. Would hire people to do this for You.
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