Posts by Jason Heath
The Tax Implications Of Transferring A Stock Between Spouses
The article “The tax implications of transferring a stock between spouses” was originally published in MoneySense on May 9, 2022. Photo by Vlada Karpovich from Pexels. Joe wants to transfer his 50% ownership of a stock he owns jointly with his wife to her. He is unsure of the tax implications. My wife and I…
Read MoreBuying A Home After Divorce
The article “Buying a home after divorce” was originally published in MoneySense on May 3, 2022. Photo by Andrea Piacquadio from Pexels. During a divorce, one or both spouses may move into new homes. A MoneySense reader has a question about her eligibility for home buyers’ tax credits. I have a question for you regarding…
Read MoreThere’s An Upside To Higher Interest Rates, Despite The Pain To Borrowers
The article “There’s an upside to higher interest rates, despite the pain to borrowers” was originally published in Financial Post on May 2, 2022. Photo by Picas Joe from Pexels. One eventual benefit is that borrowers will have a more realistic monthly payment for their debts Interest rates have risen rapidly this year and with…
Read MoreHow Do Quarterly Income Tax Installments Work?
The article “How do quarterly income tax installments work?” was originally published in MoneySense on April 25, 2022. Photo by Nataliya Vaitkevich on Pexels. Explore how tax installments work, how to best plan to paying them on time, and what happens if you paid in the wrong year. I paid three tax installments intended for…
Read MoreCan You Avoid Probate Taxes On TFSAs?
The article “Can you avoid probate taxes on TFSAs?” was originally published in MoneySense on April 18, 2022. Photo by Sora Shimazaki from Pexels. Find out how to shield TFSAs from probate taxes, when no beneficiary or successor has been named for the registered accounts. Unfortunately, my wife passed away a couple of weeks ago.…
Read MoreHow Are You Taxed When You Sell A Small Business?
The article “How are you taxed when you sell a small business?” was originally published in MoneySense on April 11, 2022. Photo by Andrea Piacquadio on Pexels. How do you report the income from the sale of a small business? What are the tax implications? And what do you do if the CRA won’t tell…
Read MoreWhat To Do When You Overcontribute To Your RRSP
The article “What to do when you overcontribute to your RRSP” was originally published in MoneySense on April 4, 2022. Photo by Andre Furtado from Pexels. What happens when you inadvertently contribute too much to a RRSP? Find out if there’s anything you can do to avoid a penalty. I just read your article on…
Read MoreConverting A Segregated Fund To A RRIF
The article “Converting a segregated fund to a RRIF” was originally published in MoneySense on March 29, 2022. Photo by by Arthon meekodong. If you hold a segregated fund and want to convert it to a registered retirement income fund, this is what’s involved. I have a segregated fund (I think that is what it…
Read MoreHere’s What The Soaring Inflation Rate Means For Your Retirement
The article “Here’s what the soaring inflation rate means for your retirement” was originally published in Financial Post on March 22, 2022. PHOTO BY JLGutierrez from Getty Images Jason Heath: Time horizon and effects of ‘transitory’ inflation are clearly much longer and more widespread than anticipated A retiree with a fixed pension payment is at…
Read MoreWhen Can You Claim Medical Expenses On Your Tax Return
The article “When can you claim medical expenses on your tax return” was originally published in MoneySense on March 21, 2022. Photo by Anna Shvets from Pexels. After you pay for out-of-pocket medical expenses, what should you do with the receipts? Find out if you can claim these on a tax return. I paid $3,000…
Read MoreCapital Gains When Selling Property To Family
The article “Capital gains when selling property to family” was originally published in MoneySense on March 18, 2022. Photo by cottonbro from Pexels. If you sell a property to a relative for a bargain price, does that mean you pay less tax for capital gains? Do I have to pay income tax if I inherited…
Read MoreShould You Start OAS If You Are Still Working?
The article “Should you start OAS if you are still working?” was originally published in MoneySense on March 17, 2022. Photo by Tim Mossholder from Pexels. Not retired yet? Wondering about applying for Old Age Security? Here are the things to consider first. I’m turning 65 next month and I’m wondering if I should apply…
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