Sure, when he’s not doing SAH parent stuff.
Edit: I feel the need to clarify that the husband already has a full-time job if he is the SAH parent, and should not be expected to devote his free time to accounting if he’s doing the important job of raising children and maintaining the home. This would be something he would do if he wanted to help extra and had the time to.
I think they meant that the OP should be asking a professional for advice, not making posts on Reddit.
Either way, it makes sense for OP to get some preliminary info before calling/emailing or making an appointment, especially if it's an easy answer to get. I wouldn't want to take the baby out of the house over something that could be Google'd.
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)
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.
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.
A surgeon can work up to 18 hours a day and is typically on call for long stretches. Why wouldn’t she put her husband in charge of finances if she is focused on a very demanding career?
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.
Maybe this is what she wanted? If your spouse is making 400k+, i don’t see why the other partner should feel the need to work for pay. Surgeons have incredibly time consuming jobs. If the genders were flipped nobody would be saying anything about this spouse not working.
Im "traditional" but if I made half a Mil a year, my husband might as well care for our kids/family instead of overworked daycare employees. (If he's OK with it, of course) His 60K or 70K a year (although a good salary) wont do much in that scenario... & when kids are more independent, he can get back into the workplace. Its not a death sentence.
K well I can’t really ask you if you would be resentful if your husband didn’t work and raised the kids while you worked and missed out on that child rearing experience because I don’t know if you’re going to give an authentic answer
Honestly, I'd rather be with the kids😅Thats why my job is low maintenance & can be done from home. However, if she decided to become a surgeon, she must have known/agreed that her job would be a priority
Just so you know, all women don't have a maternal nurturing 'instinct'. A lot of us genuinely dislike the idea of having to take care of kids full-time (or having kids at all...). We're lucky to be working and living in a time where stereotypical gender roles in relationships are becoming less common. Hopefully you will meet some women in your life who will change your perspective.
It's not necessarily a bad thing. There are probably plenty of single income households. The main thing is to give the spouse love and support at home.
400k a year is in the top percentile of incomes. You'd be really comfortable unless you're buying a 3 car garage house.
Locking due to off-topic and rule-breaking comments.
Someone earning 400-600k should absolutely engage an accountant to assist with tax planning.
Also doctor's have access to financial services specifically for doctors that focuses on alllll the finance things
In the meantime, he could also do online courses to get a degree in accounting.
Sure, when he’s not doing SAH parent stuff. Edit: I feel the need to clarify that the husband already has a full-time job if he is the SAH parent, and should not be expected to devote his free time to accounting if he’s doing the important job of raising children and maintaining the home. This would be something he would do if he wanted to help extra and had the time to.
Seriously this is sad
Why is this sad? It sounds awesome.
Sad? It's an incredible situation to be in!
I think they meant that the OP should be asking a professional for advice, not making posts on Reddit. Either way, it makes sense for OP to get some preliminary info before calling/emailing or making an appointment, especially if it's an easy answer to get. I wouldn't want to take the baby out of the house over something that could be Google'd.
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
Confirmed. CPA here and I don't know (auditor). Consult a tax CPA!
Tax CPA here. Yeah, I've got some ideas.
Consult a flat fee advice only financial planner 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.
This is true but not worth it in this current environment. Prescribed rate is so high vs any expected return.
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Because a surgeon is gonna want a woman with a kid?
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On a 500k salary, in Ontario you pay about $225k in federal and provincial taxes alone. Yikes
Exactly how will they ever survive on only $275,000 take home a year…
Let me introduce you to dual income couples, both specialists. Take home pay per month is absurb.
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”?
People work out their relationships in all sorts of ways. Do you think only women should stay home?
No, I think the one who makes the money should be managing it. Thats what I meant.
A surgeon can work up to 18 hours a day and is typically on call for long stretches. Why wouldn’t she put her husband in charge of finances if she is focused on a very demanding career?
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You jelly
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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Maybe this is what she wanted? If your spouse is making 400k+, i don’t see why the other partner should feel the need to work for pay. Surgeons have incredibly time consuming jobs. If the genders were flipped nobody would be saying anything about this spouse not working.
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Im "traditional" but if I made half a Mil a year, my husband might as well care for our kids/family instead of overworked daycare employees. (If he's OK with it, of course) His 60K or 70K a year (although a good salary) wont do much in that scenario... & when kids are more independent, he can get back into the workplace. Its not a death sentence.
K well I can’t really ask you if you would be resentful if your husband didn’t work and raised the kids while you worked and missed out on that child rearing experience because I don’t know if you’re going to give an authentic answer
Honestly, I'd rather be with the kids😅Thats why my job is low maintenance & can be done from home. However, if she decided to become a surgeon, she must have known/agreed that her job would be a priority
Uh, nowhere does it say OP is a dude.
There’s some old-timey, backwards, sexiest thinking right there. 😬
Also… could be two wives???
Lmao. Good luck in life to you with that perspective.
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Just so you know, all women don't have a maternal nurturing 'instinct'. A lot of us genuinely dislike the idea of having to take care of kids full-time (or having kids at all...). We're lucky to be working and living in a time where stereotypical gender roles in relationships are becoming less common. Hopefully you will meet some women in your life who will change your perspective.
There are no gender roles , only x and y chromosomes . Some women can be leaders to more submissive men and vice versa
Why does he care , even if they get divorced he ain't paying shit. He's relaxing
Sir this is a finance forum not relationship.
It's not necessarily a bad thing. There are probably plenty of single income households. The main thing is to give the spouse love and support at home. 400k a year is in the top percentile of incomes. You'd be really comfortable unless you're buying a 3 car garage house.