Posts by Jason Heath

The article “Understanding the 1994 capital gains tax election” was originally published in MoneySense on March 14, 2022. Photo by Polina Tankilevitch from Pexels There is a $100,000 capital gains exemption that applied until 1994. Find out if it can be used to reduce the tax payable on a second property, like a cottage. I…

The article “Capital gains on subdivided land, and HST on vacant land” was originally published in MoneySense on March 10, 2022. For property that you can subdivide, you can sell some of the land and build a house on the rest. But would you owe any tax? Our primary residence of three years is built…

The article “Principal residence exemption on death and capital gains with joint tenancy” was originally published in MoneySense on March 9, 2022. Photo by Anastasia Shuraeva from Pexels. There are rules around capital gains on the sale of joint property in Canada. But how does death affect tax and probate fees for joint tenancy? I…

The article “What happens to your TFSA when you die” was originally published in MoneySense on March 7, 2022. Photo by Pavel Danilyuk from Pexels. This is how a TFSA gets distributed in the event of a death, plus, info on making sure it is not subject to probate. I hope I can get this…

The article “Should you leave corporate savings in your company?” was originally published in MoneySense on March 1, 2022. Photo by Mikhail Nilov from Pexels. Chris has a lot of money saved in his corporate bank account and wants to take it out with the least amount of tax. I have $1 million accumulated in…

The article “Calculating expected returns on the sale of real estate” was originally published in MoneySense on February 25, 2022. Photo created by freepik – www.freepik.com. Yan is selling his home and wants to know how to price it to ensure he turns a profit. How do I calculate the capital gain on real estate…

The article “Cutting down capital gains tax on real estate sales” was originally published in MoneySense on February 23, 2022. Photo by Mart Production from Pexels. Defer RRSP contributions to mitigate taxes Is there any real estate investment I could invest my capital gains in, without being robbed of paying 50% capital gains tax? I…

The article “Corporate investments for retirees” was originally published in MoneySense on February 15, 2022. Photo by Andrea Piacquadio from Pexels. Retired with cash and investments in a corporation, and wondering how to withdraw with minimal tax implications? I’m not using my Canadian corporate company anymore. I’m 67, delaying CPP and OAS. I have $210K…

The article “How to find a lost life insurance policy” was originally published in MoneySense on February 8, 2022. Photo by Sofia Alejandra from Pexels. A death in the family is always stressful, but money can make it more so. Here’s expert advice for rights to a lost life insurance policy. My stepfather left a…

The article “The process of unlocking a LIRA account in Canada” was originally published in MoneySense on February 1, 2022. Photo by cottonbro from Pexels. What can you do? What can’t you do? Let’s clarify some conflicting online information about locked-in retirement accounts. Thank you for “How to get money out of locked-in retirement accounts”. I have…