How to unwind a spousal loan
Prescribed rate The prescribed rate is determined by the Canada Revenue Agency (CRA) each quarter and applies to loans made during that quarter. The current interest rate used…
Read more How to unwind a spousal loanTag: capital gains
The hidden value of a professional real estate appraisal – MoneySense
Online and tax valuations often mislead Online valuation tools are convenient, but they rely on broad averages and incomplete data. Municipal tax assessments, on the other hand, are…
Read more The hidden value of a professional real estate appraisal – MoneySenseWhich ETFs are the most tax-efficient for Canadian investors? – MoneySense
Chalk that up as a win for Canadians. Between the tax-free savings account (TFSA), registered retirement savings plan (RRSP), and first home savings account (FHSA), Canadians have ample…
Read more Which ETFs are the most tax-efficient for Canadian investors? – MoneySenseMinimizing Capital Gains When Selling Your Vacation Home: A Complete Guide
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 tax-free gains. Multiple tax reduction…
Read more Minimizing Capital Gains When Selling Your Vacation Home: A Complete GuideCan you move income back and forth between spouses? – MoneySense
Let’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? – MoneySense
Year-end tax and financial planning considerations – MoneySense
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 give you access to government…
Read more Year-end tax and financial planning considerations – MoneySense
Do you have to make quarterly tax remittances in Canada? – MoneySense
Is there a form to help with the calculations? Yes, there is a chart that can help; check it out here. However, you’ll still need to calculate any…
Read more Do you have to make quarterly tax remittances in Canada? – MoneySense
How high tax rates hurt the economy – MoneySense
At a time when Canada, just like every other country, is looking for highly skilled workers, our tax rates make it more difficult for them to choose to…
Read more How high tax rates hurt the economy – MoneySense
Tax implications of adding a child’s name to your rental property – MoneySense
Gifting some or all of a rental property The act of adding a name to a property itself does not give rise to capital gains tax. There’s a…
Read more Tax implications of adding a child’s name to your rental property – MoneySense
Yes, a cottage is an investment property—here’s how to minimize capital gains tax – MoneySense
Should you keep renting a cottage or buy one? You don’t need me to explain the personal perks of having a vacation home or a cottage. But to…
Read more Yes, a cottage is an investment property—here’s how to minimize capital gains tax – MoneySense
Adding names to a cottage deed could result in big tax bills
You mention that the cottage deed is in your name only right now. That suggests that it was either in your name all along or that the cottage…
Read more Adding names to a cottage deed could result in big tax bills
Capital gains tax when renting out your former principal residence – MoneySense
According to the Canada Revenue Agency (CRA): “To make this election, attach a letter signed by you to your income tax and benefit return of the year in…
Read more Capital gains tax when renting out your former principal residence – MoneySense
Tax deductible expenses when selling a cottage
There are a number of expenses that can be claimed to reduce the capital gain on your cottage, Louise. Capital expenses are an example. The Canada Revenue Agency…
Read more Tax deductible expenses when selling a cottage
When are costs for a U.S. property tax-deductible in Canada? – MoneySense
It sounds like you sold or are planning to sell a property in the U.S., Bob. To cut to the chase, selling costs, like a realtor commission, would…
Read more When are costs for a U.S. property tax-deductible in Canada? – MoneySense
You have to sell a cemetery plot—will you owe capital gains tax? – MoneySense
Many non-financial assets depreciate in value. Cars, furniture and other such assets tend to be worth less over time, and they are generally not subject to capital gains…
Read more You have to sell a cemetery plot—will you owe capital gains tax? – MoneySense
How real estate is taxed during a separation or divorce – MoneySense
How an asset transfer between spouses is taxed First off, a transfer of assets between spouses is by default done on a tax-deferred basis at the original purchase…
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How much is capital gains tax in Canada?—and other questions answered – MoneySense
If you are going to sell next year, it is worth paying $833 of tax a year earlier? Think of it like debt. Imagine you can buy a…
Read more How much is capital gains tax in Canada?—and other questions answered – MoneySense
Federal Budget 2024: How it will affect Canadians’ finances and taxes – MoneySense
The new capital gains inclusion rate There has been speculation in recent years about an increase in the capital gains inclusion rate. Currently, one-half of a capital gain…
Read more Federal Budget 2024: How it will affect Canadians’ finances and taxes – MoneySense
What are covered call ETFs, and are they good investments? – MoneySense
First, what is a covered call, anyway? A call option is an agreement that gives a buyer the right to buy a stock at a predetermined price in…
Read more What are covered call ETFs, and are they good investments? – MoneySense
Should you buy life insurance to pay for tax owed upon death? – MoneySense
Capital gains tax, Nazim, might apply to some of your assets. If you own non-registered stocks or a rental property, for example, they might be subject to a…
Read more Should you buy life insurance to pay for tax owed upon death? – MoneySense