Living (inter vivos) trusts A living trust, or inter vivos trust, that you set up during your life is most commonly used for tax reasons. People might use…
Read more How to ensure your kids can keep your house when you die – MoneySenseThese episodes, combined with my mother’s observations about increasing forgetfulness and compulsive behaviours, led us to get him medically tested. The diagnosis was direct: early-stage dementia. His doctor…
Read more 3 signs you need to take control of your parents’ finances – MoneySenseIt is a story about two young adults outraged by the amount of wealth lost to taxes—$659,000—when their parents, in their early 60s, both passed away within a…
Read more Taxes halved their inheritance. Could anything be done? – MoneySenseIf the RRIF is not set up this way, there will be immediate tax consequences, and the estate wishes of your husband may not play out as intended.…
Read more What happens to a RRIF when the account owner dies? – MoneySenseGifting 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 – MoneySenseDie Broke is the book where I first encountered the colourful quip about how the last cheque you write should be to your undertaker, and it should bounce.…
Read more A review and summary of Die with Zero and 4,000 Weeks – MoneySenseRESP contributions grow tax-deferred and are eligible for government grants and bonds. Withdrawals are partially taxable and partially tax-free. The taxable portion can be taxed to the post-secondary…
Read more When and how to transfer an RESP for grandchildren – MoneySenseWithdrawing from an RRSP before age 70 Are you thinking you’d like to withdraw everything from your RRSP before starting your OAS or age 70? This way, if…
Read more “We’re set for life. Should we cash out an RRSP?” – MoneySenseWhat is an executor? An executor is a person named in your will who will be responsible, after you die, for making sure that your assets are distributed according to…
Read more How executors get paid in Canada – MoneySenseCapital 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? – MoneySenseThere’s often a stigma around discussing money, but I’ve found it really helpful to have these conversations early and often. My husband and I have monthly budget review…
Read more Dating dilemma: When to talk about finances – MoneySense1. The gift of security Love also means security. Yet, surprisingly, half of Canadians don’t have a will, according to a 2023 Angus Reid poll. Having a one…
Read more Three reasons why a will and estate plan mean true love – MoneySense
