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 – MoneySenseAccording 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 – MoneySenseThere 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 cottageMany 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? – MoneySenseIt sounds like you are aware that you can carry back capital losses, Ramesh. If you have a net capital loss on your 2023 tax return, you can…
Read more How to carry back a capital loss for a tax refund – MoneySense1. Rate reset preferred shares These became popular following the financial crisis in 2008/2009 to entice investors to buy preferred shares despite low interest rates at that time.…
Read more What should Canadian investors do: Sell or hold with preferred share losses? – MoneySensePrimary residences vs. secondary properties The tax treatment of real estate in Canada depends on its use. The home you live in—your primary residence—is normally exempt from capital…
Read more The tax implications of buying a second home in Canada – MoneySense
