Posts by Jason Heath
What To Do With A Monetary Advance On Your Inheritance
The article “What To Do With A Monetary Advance On Your Inheritance” was originally published on MoneySense on May 28, 2019. Maureen’s husband wants to put a $200,000 gift from her parents toward their mortgage, but she isn’t convinced. Q. My amazing parents are downsizing and have decided to gift my husband and me $200,000. It’s…
Read MoreWhy Saving Too Much For Retirement Is Just As Risky As Saving Too Little
The article “Why Saving Too Much For Retirement Is Just As Risky As Saving Too Little” was originally published on Financial Post on May 22, 2019. Only 20 per cent of 65-year old Canadians will live for 30 years — and that means their money will far outlive them Professional financial planners spend most of…
Read MoreCan Canadian Seniors Collect Government Benefits While Still Working?
The article “Can Canadian Seniors Collect Government Benefits While Still Working?” was originally published on MoneySense on May 21, 2019. Rose is transitioning to semi-retirement at 65, and wonders about the tax and clawback implications of receiving CPP and OAS. Q. This fall, I will celebrate my 65th birthday, and plan to reduce my work hours…
Read MoreAdvice On Making Your First Home More Affordable
The article “Advice On Making Your First Home More Affordable” was originally published on MoneySense on May 14, 2019. 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 and I rent a two-bedroom apartment in…
Read MoreAvoiding Future Interest Is One Way To Look At Your Return On Investment
The article “Avoiding Future Interest Is One Way To Look At Your Return On Investment” was originally posted on MoneySense on May 7, 2019. Should Vince cash out his medical pension to pay down his mortgage, or keep it as an indexed $400 per month for life? Q. I’m 47 years old and, after suffering a…
Read MoreTax Implications Of Making Transfers Between Registered Accounts
The article “Tax Implications Of Making Transfers Between Registered Accounts” was originally published on MoneySense on April 30, 2019. Suzanne transferred money from her LIRA to a LIF and her RRSP. Now she worries she’ll be taxed twice. Q. I had a locked-in pension, which I converted to a Life Income Fund (LIF). I also took…
Read MoreHow To Handle Death Inside A Joint Investment Account
The article “How To Handle Death Inside A Joint Investment Account” was originally published on MoneySense on April 23, 2019. After Vee’s father passed away, her advisor made some transactions that she’s now questioning. Q. My father had two investment accounts open at a major bank, both non-registered, and held jointly with rights of survivorship (JWROS)…
Read MoreFor Common-Law Couples, Estate Planning Is Full Of Pitfalls. Here’s How To Avoid Some Of Them.
The article “For Common-Law Couples, Estate Planning Is Full Of Pitfalls. Here’s How To Avoid Some Of Them” was originally published on Financial Post on April 16, 2019. Couples who are common-law can have a unique set of financial planning challenges that differ from their longtime, first-marriage counterparts. Statistics show that more Canadians are divorcing,…
Read MoreHow To Calculate Capital Gains And Losses On Rental Property
The article “How To Calculate Capital Gains And Losses On Rental Property” was originally published on MoneySense on April 16, 2019. Chris’s rental property used to be his principal residence. After enduring some bad tenants, he’s looking to sell. Q. I am selling my rental property, which I lived in for six years before renting it…
Read MoreAn Easy Guide To Income Splitting For Seniors
The article “An Easy Guide To Income Splitting For Seniors” was originally published on MoneySense on April 10, 2019. Cindy and her husband are looking for strategies to help them save on taxes in retirement. Q. My husband and I are both retired. He still has income from his business, and I have cashed in all…
Read MoreThe Ins And Outs Of Tax And Estate Planning For A RRIF
The article “The Ins And Outs Of Tax And Estate Planning For A RRIF” was originally published on MoneySense on April 3, 2019. 81-year old Lydia wants to minimize tax and maximize the estate value of her RRIF on death. Q: I’m 81, single, female, with around $265,000 in a RRIF (invested in two different financial…
Read MoreCan I Have A Multi-Generational RESP?
The article “Can I Have A Multi-Generational RESP?” was originally published on MoneySense on March 26, 2019. If money is left over in your child’s RESP you can in theory use it for your future grandkid’s education, with some big caveats Q: I have an existing RESP for my children, but they may not use all…
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