Posts by Jason Heath

The artcile “Why Adding Your Kids To The House Title Will Cost You” was originally published on MoneySense on September 26, 2017. It seems to be common practice for seniors to add the kids to ownership of a house. I’m not sure why. Q: My parents have both of their names on their house as joint…

The article “What Taxes Do My LIRA Beneficiaries Have To Pay?” was originally published on MoneySense on September 19, 2017. Be aware of tax bills Q: Is the tax rate on a LIRA the same as the RRIF if I die and the beneficiaries are my children? —Brian A: First, Brian, I want to clarify the difference…

The article “Risky Robos” was originally published on MoneySense on Septembe 12, 2017. Robo-advisors aren’t dangerous but they aren’t “safe” either Q: My husband needs to set up a RRIF within the next three months. We currently have his RRSP in mutual funds with a bank with poor returns and fees of 2%+.  We also have…

The article “How To Invest Your Money In Canada As A U.S. Citizen” was originaly published on MoneySense on September 5th, 2017. Generally, Americans should avoid TFSAs and RESPs Q: I am both a Canadian and American. At this juncture, I will not give up my American citizenship since my family is down there and I…

The article “Inheriting Cottage Capital Gains” was originally published on MoneySense on August 29, 2017. Jill’s late husband left her a cottage. What happens if she transfers ownership to her stepchildren? Q: My husband passed away last year and left our family cottage to myself and my three adult stepchildren. Right now, the deed is in…

The article “Are Investment Fees Tax Deductible?” was originally published on MoneySense on August 22, 2017. Jerry pays a few thousand dollars in monthly fees but they may not be tax deductible Q: I pay a few thousand dollars in monthly fees to the various RRSP funds that I have—all with one institution and at a…

The article “Capital Loss Tax Deductions From Beyond The Grave” was originally published on MoneySense on August 15, 2017. Yvonne’s recently-passed husband had capital losses. Did she maximize the claim on his final tax return? Q: My husband passed away last year and at that time he had unused net capital losses from other years. The…

The article “Gifting Your RRIF To Your Children” was originally published on MoneySense on August 8, 2017. Angie wants to give her RRIF to her children while she’s still alive Q: Can I change my RRIF back to RRSPs or put it all in a savings account? Bottom line is I want to gift the money…

The article “Should You Do A Pension Buyback?” was originally published on MoneySense on August 1, 2017. It’s almost always a good idea Q: I have been working at a college for 10 years. The last nine were full-time with pension deductions. My first year was contract and I did not contribute to the pension plan.…

The article “The Retirement Reshuffle” was originally published on MoneySense on July 25, 2017. How to rearrange investment accounts in your golden years. Q: I am married with a minor son. My wife and I have been successful saving and investing. Presently we have in excess of fifteen accounts. Mostly in equities and ETFs. These include…

The article “CPP And OAS After The Death Of A Spouse” was originally published on MoneySense on July 20, 2017. Keith arranged to split pensions with his late wife many years ago. What is he entitled to now? Q: I am 84 and many years ago my wife and I arranged to receive equal payments of…