Spousal beneficiary When a spouse inherits an IRA or 401(k), they can take over the account as an inherited account or transfer the account into their own IRA…
Read more What happens when you inherit an IRA or 401(k)?Contacting the CRA You should contact the government as soon as possible. This includes steps like cancelling a provincial health card, driver’s license, and applying for Canada Pension…
Read more Preparing taxes for someone who died – MoneySenseWhen your corporation owes you money If you personally pay for expenses on behalf of your company, it owes you for these personally paid corporate expenses. You can…
Read more Tax implications of shareholder loans – MoneySenseNew TFSA contribution room Every Canadian resident aged 18 or older has $7,000 of new TFSA room as of January 1, 2026. This has been the annual maximum…
Read more Your TFSA reset for the new year – MoneySenseWhat is a trust? A trust is a legal arrangement where a person called the settlor transfers assets to a trustee to manage for beneficiaries, based on pre-determined…
Read more Should I hold my house in a trust? – MoneySenseWhat is a trust? A trust is a legal arrangement whereby a settlor transfers assets to a trustee or trustees who hold and manage those assets for a…
Read more An update on trust tax return filings for 2025 – MoneySenseFixing a past tax mistake If you discover a mistake, or you want to come forward with an omission, there is a path to do so with the…
Read more What happens if you sell real estate to family for a dollar? – MoneySenseCPP/OAS strategy without other pensions You can begin your Canada Pension Plan (CPP) retirement pension as early as age 60 or defer it as late as age 70.…
Read more How to bridge the gap until an inheritance – MoneySenseThere are several other programs that CPP contributors and family members are eligible for—including the CPP death benefit, Sam. A Quebec resident may be entitled to Quebec Pension…
Read more What is the Canada Pension Plan death benefit? – MoneySenseHow are stocks taxed when you inherit them? When a spouse or common law partner is a beneficiary, assets can be transferred to them on a tax deferred…
Read more Should you sell stocks you inherit? – MoneySenseLet’s look at reporting investment income and capital gains, and which spouse should report the capital gain on a rental property. Reporting investment income When you earn investment…
Read more Can you move income back and forth between spouses? – MoneySenseAs you know, of course, annuities and GICs are not the same thing. An annuity provides a guaranteed income for life, or a set time period, and it…
Read more Annuity vs. GIC: What makes sense for retiring? – MoneySenseFirst, remember the money in your locked-in retirement account (LIRA) or LIF is money intended to provide you with a lifetime income. Upon leaving your employer, your pension…
Read more Financial hardship withdrawal exceptions and increasing income in retirement – MoneySenseWhen you give cash or assets to a family member to invest, there may be attribution of that income back to you. Attribution causes income to be taxed…
Read more Can you save on taxes by owning an investment account with your child? – MoneySenseThey’re locked in because they are intended to provide income throughout your retirement, so you are limited in how much you can withdraw each year from a resulting…
Read more Tax implications of making transfers between registered accounts
