Posts by Jason Heath

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…

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…

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…

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…