Posts by Jason Heath
How Capital Gains Tax On Property Is Divided In A Divorce
The article “How capital gains tax on property is divided in a divorce” was originally published in MoneySense on August 15, 2022. Photo by Andrea Piacquadio from Pexels. When a couple separates, how does owning, transferring and dividing multiple properties affect capital gains? My spouse and I separated in September 2020. I am the only…
Read MoreAre Home Renovations Tax Deductible In Canada?
Doing home renovations? Find out if there are any tax incentives that Canadians are able to claim. We are upgrading our electrical and removing an oil furnace and wood furnace. We are replacing them with a ducted heat pump. So, the question is will we get any tax break where it’s done for home improvement?…
Read MoreU.S. Withholding Tax In An RRSP For Canadians
The article “U.S. withholding tax in an RRSP for Canadians” was originally published in MoneySense on August 2, 2022. Photo by Alexander Mils from Pexels. For Canadians who have withholding tax on U.S. income in an RRSP, sometimes this tax can be avoided. I have EPD stock in my RRSP for their dividend payments (about…
Read MoreShould You Transfer Property To A Child And Then Rent It From Them?
The article “Should you transfer property to a child and then rent it from them?” was originally published in MoneySense on July 26, 2022. Photo by Mushtaq Hussain on Pexels. Satyesh is considering transferring his home to his daughter and then renting it back from her. What are the tax implications, and what other options…
Read MoreFP Answers: When Should I Take CPP?
The article “FP Answers: When should I take CPP?” was originally published in Financial Post on July 20, 2022. Photo by Kampus Production of Pexels The timing for collecting benefits is more important than seniors think FP Answers has received a mountain of questions about the Canada Pension Plan, from who qualifies to how it…
Read MoreAre Fees Payable For Acting As A Power Of Attorney?
The article “Are fees payable for acting as a power of attorney?” was originally published in MoneySense on July 19, 2022. Photo by Kaboompics.com from Pexels Can you be paid for a role as an attorney for property, in particular, after the position has already been resigned? Can a fee for power of attorney be…
Read MoreWhat The Bank Of Mom And Dad Should Consider When Dispensing Money — Especially If It Might Want To Be Paid Back Someday
The article “What the Bank of Mom and Dad should consider when dispensing money — especially if it might want to be paid back someday” was originally published in Financial Post on July 4, 2022. Photo by RDNE Stock project from Pexels. Jason Heath: There are income tax, family law and estate planning factors to…
Read MoreShould I Sell And Rent Or Get A Reverse Mortgage?
The article “Should I sell and rent or get a reverse mortgage?” was originally published in MoneySense on July 4, 2022. Photo by Alex P from Pexels. What to consider before selling your home or getting a reverse mortgage. The math reveals the real costs for retirees. I’m an 82-year-old widowed woman, and my savings…
Read MoreWhat Are The Taxes On Transferring Real Estate To Your Kids?
Joan and her partner own the condo her son lives in, but they want to transfer ownership to him. What are the tax implications? We purchased a condo for our son, who has been using it as his principal residence for over 10 years. He has made improvements, but the title is in our name.…
Read MoreCapital Gains, Taxes And More: The Implications Of Inheriting Real Estate
The article “Capital gains, taxes and more: The implications of inheriting real estate” was originally published in MoneySense on June 20, 2022. Photo Greta Hoffman from Pexels. There are tax, estate and other implications when inheriting real estate, even from family. I’ve been reading a lot of articles on how taxation works for inherited property.…
Read MoreHow Much Are Withholding Taxes On RRSPs And RRIFs?
The article “How much are withholding taxes on RRSPs and RRIFs?” was originally published in MoneySense on June 13, 2022. Photo by Mikhail Nilov from Pexels. Anne wants to take extra RRIF withdrawals beyond her annual minimum amount and is worried about the tax implications. I need to withdraw $6,600 from my RRIF over the…
Read MoreHere’s How To Accelerate Your Retirement Timeline, Without Taking On Too Much Risk
The article “Here’s how to accelerate your retirement timeline, without taking on too much risk” was originally published in Financial Post on June 6, 2022. Photo by Andrea Piacquadio from Pexels. Jason Heath: Those approaching retirement can consider these strategies to shave time off their financial independence date According to Statistics Canada, the average retirement…
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