A ''real'' story about Bossu and a way to make distributionThat could be very informative about what to do to transfert some funds to ''grand children'' in their TFSA before their Grand Father ''exit day'' and this situation is worth noting !
Storey:2 dauthers
- One, past away with breast cancer 3 years ago leaving 2 grand children
- Second dauther in great health with a son
-Esmeralda fighting the Alzheimer decease and Bossu still supporting but the outcome is not promising !
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The distribution was simple at the time of the will.
50 % /50% for my two dauthers .
Just want to inform you on what I did and could help to save on taxes.
I bought GIC with a yield of 4,5 % on a 5 years term in a new TFSA account for my two grand children and exactely accotding to my will where they could not cash the inheritance before 5 years.-They are 20 and 21 years old .
Mecanic :
You ask them to open a Bank account and a TFSA and you make contribution.
As far as my other daughter I'm adding $$ in her TFSA to the maximum limit to be able to genetate a 4,5 % yield on safe investement.
Hope this could help !