Posts by Jason Heath

The article “Work Abroad? Your Income Is Fair Game For The CRA.” was originally published on MoneySense on May 8, 2018. To avoid this, you need to break ties with Canada Q: I am a permanent resident of Canada. I live here with my kids. My husband works in Dubai. He is also a permanent resident…

The article “Spouses and Stocks: Is There A Way To Avoid Tax When Transferring Assets?” was originally published on MoneySense on May 17, 2018. Beware of spousal attribution Q: I have a non-registered discount brokerage account containing stocks and mutual funds. If I wish to open a joint brokerage account in both my and my wife’s…

The article “Should I Raid My RRSP To Pay Off My Line Of Credit?” was originally published on MoneySense on May 6, 2018. It’s tempting to cash out RRSPs but watch out for the tax bite Q. My wife and I currently have a mortgage of $297,000. On top of that we’ve had to dip into…

The article “How To Reinstate OAS After It’s Clawed Back” was originally published on MoneySense on May 1, 2018. There is a form to fill out, but it’s entirely optional Q: My father’s OAS was completely clawed back last year because his net income for 2016 was well above $120,000. For 2017, his income will be…

The article “The Benefits And Flexibility Of Family RESPs” was originally published on MoneySense on April 25, 2018. Grants and growth can be allocated amongst any beneficiaries of the plan Q: Can you write an article on how family RESPs work once the oldest children start to take money out of the plan while for the…

The article “Why Incorporation Isn’t Always A Magical Tax Fix” was originally published on MoneySense on April 18, 2018. Sandie’s wife has a small business she plans to run for the next few years. Is she better off incorporating her business or not?   Q: My wife and I are looking to retire in about five…

The article “Should We Take Dad’s Money Now To Avoid Probate?” was originally published on MoneySense on April 10, 2018. Hold your horses! It’s not your money just yet… Q: My mom just passed away. Everything went to my dad. My sister and I are trying to decide if we should move the bulk of my…

The article “Avoiding Tax And Probate When Passing Down A Rental Property” was originally published on MoneySense on April 3, 2018. Putting a child on the title of a rental house could be like playing a game of whack-a-mole Q: My husband and I would like to put my son on title of a rental house.…

The article “Timing CPP And OAS With Workplace Pensions” was originally published on MoneySense on March 28, 2018. Even if you expect a ‘bridge’ payment from your DB pension, deferring CPP makes sense Q: My husband is retired military and will turn 60 this year. He’s been told by his military buddies that he should apply…

The article “Cutting Down Capital Gains Tax On Real Estate Sales” was originally published on MoneySense on March 20, 2018. Defer RRSP contributions to mitigate taxes Q: Is there any real estate investment I could invest my capital gains in, without being robbed of paying 50% capital gains tax? I understand there is an exception for…

The article “When To Watch Out For OAS Clawbacks” was originally published on MoneySense on March 14, 2018. Working in retirement? Beware clawbacks. Q: I have been trying to find out how much extra income a person can earn without having to report the income while drawing OAS and CPP. I have tried looking this up…