Finance
How to unwind a spousal loan
[ad_1] Prescribed rate The prescribed rate is determined by the Canada Revenue Agency (CRA) each quarter and applies to loans made during that quarter.…
Tag: capital gains
Finance
The hidden value of a professional real estate appraisal – MoneySense
[ad_1] Online and tax valuations often mislead Online valuation tools are convenient, but they rely on broad averages and incomplete data. Municipal tax assessments,…
Finance
Which ETFs are the most tax-efficient for Canadian investors? – MoneySense
[ad_1] Chalk that up as a win for Canadians. Between the tax-free savings account (TFSA), registered retirement savings plan (RRSP), and first home savings…
Real Estate
Minimizing Capital Gains When Selling Your Vacation Home: A Complete Guide
[ad_1] Key takeaways: No primary residence exclusion available: When selling a second home, you can’t use the primary residence exclusion that allows $250,000/$500,000 in…
Finance
Can you move income back and forth between spouses? – MoneySense
[ad_1] Let’s look at reporting investment income and capital gains, and which spouse should report the capital gain on a rental property. Reporting investment…
Finance
Year-end tax and financial planning considerations – MoneySense
[ad_1] RESP contributions and withdrawals Registered education savings plans (RESPs) are used to save for a child’s post-secondary education. Contributing to an RESP can…
Finance
Do you have to make quarterly tax remittances in Canada? – MoneySense
[ad_1] Is there a form to help with the calculations? Yes, there is a chart that can help; check it out here. However, you’ll…
Finance
How high tax rates hurt the economy – MoneySense
[ad_1] At a time when Canada, just like every other country, is looking for highly skilled workers, our tax rates make it more difficult…
Finance
Tax implications of adding a child’s name to your rental property – MoneySense
[ad_1] Gifting some or all of a rental property The act of adding a name to a property itself does not give rise to…
Finance
Yes, a cottage is an investment property—here’s how to minimize capital gains tax – MoneySense
[ad_1] Should you keep renting a cottage or buy one? You don’t need me to explain the personal perks of having a vacation home…
Finance
Adding names to a cottage deed could result in big tax bills
[ad_1] You mention that the cottage deed is in your name only right now. That suggests that it was either in your name all…
Finance
Capital gains tax when renting out your former principal residence – MoneySense
[ad_1] According to the Canada Revenue Agency (CRA): “To make this election, attach a letter signed by you to your income tax and benefit…
Finance
Tax deductible expenses when selling a cottage
[ad_1] There are a number of expenses that can be claimed to reduce the capital gain on your cottage, Louise. Capital expenses are an…
Finance
When are costs for a U.S. property tax-deductible in Canada? – MoneySense
[ad_1] It sounds like you sold or are planning to sell a property in the U.S., Bob. To cut to the chase, selling costs,…
Finance
You have to sell a cemetery plot—will you owe capital gains tax? – MoneySense
[ad_1] Many non-financial assets depreciate in value. Cars, furniture and other such assets tend to be worth less over time, and they are generally…
Finance
How real estate is taxed during a separation or divorce – MoneySense
[ad_1] How an asset transfer between spouses is taxed First off, a transfer of assets between spouses is by default done on a tax-deferred…
Finance
How much is capital gains tax in Canada?—and other questions answered – MoneySense
[ad_1] If you are going to sell next year, it is worth paying $833 of tax a year earlier? Think of it like debt.…
Finance
Federal Budget 2024: How it will affect Canadians’ finances and taxes – MoneySense
[ad_1] The new capital gains inclusion rate There has been speculation in recent years about an increase in the capital gains inclusion rate. Currently,…
Finance
What are covered call ETFs, and are they good investments? – MoneySense
[ad_1] First, what is a covered call, anyway? A call option is an agreement that gives a buyer the right to buy a stock…
Finance
Should you buy life insurance to pay for tax owed upon death? – MoneySense
[ad_1] Capital gains tax, Nazim, might apply to some of your assets. If you own non-registered stocks or a rental property, for example, they…