Posts by Jason Heath
What’s Involved With An Owner Withdrawal Of Cash From A Corporation
Linda is approaching retirement with cash in her corporation. She wonders how to withdraw it before or after retirement. I work as a self-employed IT contractor. I am incorporated. Over the years I have accumulated about $100,000 in my business account, over and above what I need to carry operating expenses. I am about five…
Read MoreA Deep Dive Into The ‘Strategic’ Capital Gain And Loss Planning You Should Do This Year
The article “A deep dive into the ‘strategic’ capital gain and loss planning you should do this year.” was originally published in Financial Post on December 3, 2021. Photo by Kaboompics.com from Pexels. When capital gains are inevitable, use these strategies to reduce your tax. Tax-loss selling is the act of intentionally triggering capital losses,…
Read MoreHow To Invest As A Teenager In Canada
The article “How to invest as a teenager in Canada” was originally published in MoneySense on November 29, 2021. Birthday money burning a hole? Read our “investing for teens” guide for where to invest, how to buy stocks, what you need from your parents, and more. If you’re starting to save the money you’ve…
Read MoreDo RRIF Beneficiaries Pay Tax?
The article “Do RRIF beneficiaries pay tax?” was originally published in MoneySense on November 22, 2021. Photo by Polina Tankilevitch from Pexels. Is it possible to avoid tax as a RRIF beneficiary? Find out if timing could be an issue, as well as rules around withdrawals, too. As the beneficiary of a RRIF, can I…
Read MoreCould A Line Of Credit Impact My Mortgage Application?
The article “Could a line of credit impact my mortgage application?” was originally published in MoneySense on November 16, 2021. Line of credit payments and other non-mortgage debt are factored into mortgage affordability calculations. Here’s what you need to know before filing your mortgage application. Prospective house hunters and those looking to refinance an existing…
Read MoreShould You Take RRSP Withdrawals To Pay Down Debt?
The article “Should you take RRSP withdrawals to pay down debt?” was originally published in MoneySense on November 9, 2021. Photo by Mikhail Nilov from Pexels. With a partner out of work, this reader is considering a RRSP withdrawal to try to reduce her mortgage payments. Should she? My husband is not working, and I…
Read MoreSurging Real Estate Wealth Is A Golden Opportunity For Some To Accelerate Retirement Plans
The article “Surging real estate wealth is a golden opportunity for some to accelerate retirement plans” was originally published in Financial Post on November 2, 2021. Photo by Max Vakhtbovycn from Pexels. Some British Columbia and Ontario residents could do downsizes of $1 million or more and live in comparable homes Real estate prices across…
Read MoreHow To Draw Money Out Of Your Corporation In Retirement
The article “How to draw money out of your corporation in retirement” was originally published in MoneySense on November 2, 2021. When you have money saved in a corporation, retirement planning can be a little more complicated. But it can be done. Incorporated business owners can sometimes be unsure of how best to decumulate, drawing…
Read MoreAffordability Tips For First-Time Home Buyers To Securing A Mortgage
The article “Affordability tips for first-time home buyers to securing a mortgage” was originally published in MoneySense on October 28, 2021. Photo by Jessica Bryant via Pexels. Irene and her partner want to buy a house with savings, some help from her dad and a mortgage from an alternative lender. What are the implications? Q. My partner…
Read MoreReasons To Consider Early RRSP And RRIF Withdrawals
The article “Reasons to consider early RRSP and RRIF withdrawals” was originally published in MoneySense on October 19, 2021. Photo by Mikhail Nilov from Pexels. I get a lot of reader-submitted questions about early RRSP and RRIF withdrawals and how much to take out. Here is a primer. Workers contribute to their registered retirement savings plans (RRSPs)…
Read MoreJoint Tenancy Vs Tenancy In Common in Canada: Changing Ownership Of Assets For Married And Common-Law Partners
The article “Joint tenancy vs tenancy in common in Canada: Changing ownership of assets for married and common-law partners” was originally published in MoneySense on October 14, 2021. Photo by cottonbro from Pexels. The tax implications of changing land owned jointly as tenants in common to joint tenancy with right of survivorship and how to…
Read MoreHow Much To Take Out Of Your RRSP In Your 60s
The article “How much to take out of your RRSP in your 60s” was originally published in MoneySense on October 4, 2021. Photo by Marcus Aurelius from Pexels. Although RRSP withdrawals can be deferred no later than age 72, it may be necessary or advisable to make withdrawals before then. Many retirees have the bulk…
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