In Alberta, a couple we’ll call John, 50, and Jane, 48, have two children in their early 20s. One is an apprentice welder. The other has a disability and is likely to require financial assistance for the rest of his life. . The couple’s current income, $170,000 a year before tax, is precarious. John gets $150,000 in base pay in his management job plus variable, non-guaranteed bonuses that will probably be discontinued. Jane’s income, $20,000 per year, comes from part-time administrative work.
Because they are in different tax brackets, with Jane’s being much lower, the couple can achieve savings if John lends her money to invest. She has to pay him interest at the CRA’s prescribed rate, but that done, her gains would be taxed at her lower rate. They have $181,000 in Tax-Free Savings Accounts to which they add $12,000 per year. In 10 years at the eve of their retirement, assuming three per cent growth after inflation, they would have about $385,000. That sum, still growing at three per cent per year after inflation, would produce $18,330 per year for the following 32 years.
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Bs
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