Posts by Jason Heath
CPP Pension Splitting After A Divorce
The article “CPP Pension Splitting After A Divorce” was originally published on MoneySense on March 3, 2016. Contributions you made while living with your former spouse are eligible for a split, leading to a pension boost Q: I am currently separated and I would also like to apply for the CPP benefit split. How much more CPP…
Read MoreTax Deductible Expenses When Selling a Cottage
The article “Tax Deductible Expenses When Selling a Cottage” was originally published on MoneySense on March 1, 2016. Minimize capital gains taxes by making smart reno choices Q: We are planning to sell the cottage in the next year or so and I would like to know what kind of renovations/improvements can qualify as capital costs? Please…
Read MoreWatch Out For These Three Potential Pitfalls When Planning Your RRSP Investments
A great deal of attention is focused on what to buy in your RRSP at this time of year. But what about the investments that you shouldn’t make? When it comes to what to avoid, there are three primary considerations: income tax, product selection and investment strategy. Here’s how to take each potential pitfall into…
Read MoreHow CPP Payouts Work When You Already Have A Pension
The article “How CPP Payouts Work When You Already Have A Pension” was originally published on MoneySense on February 16, 2016. Giselle is worried about how her CPP may be affected when she starts to receive her pension and withdraw from her RRSP Q: I am still working at age 63 and getting CPP. I will have…
Read MoreWhy Business Owners Shouldn’t Bother With An RRSP
The article “Why Business Owners Shouldn’t Bother With An RRSP” was originally published on The Financial Post on February 9, 2016. Although RRSPs are the most popular choice for Canadians and their retirement savings, they may not be the best choice — especially for business owners. Like many financial decisions, beware the one-size-fits-all advice that may…
Read MoreUsing A TFSA To Finance A Rental Property
The article “Using A TFSA To Finance A Rental Property” was originally published on MoneySense on February 9, 2016. Should Debra cash in her TFSA to buy a cottage or use the money for renovations? Q: My husband and I are both 60 years old and working full time. We’ve just made an offer to purchase a cottage for $75,000.…
Read MoreManaging Assets Under Power of Attorney
The article “Managing Assets Under Power of Attorney” was originally published on MoneySense on February 2, 2016. Watch out for tax implications and keep attribution in mind Q: My mother purchased a mutual fund in 1974. In 1994, my mother put my name on it so it could be passed to me without probate. Last year, using my power of…
Read MoreHow To Use Your RRSP To Invest In Real Estate
The article “How To Use Your RRSP To Invest In Real Estate” was originally published on The Financial Post on January 27, 2016. As the Canadian real estate market continues to rise, some investors want to put their RRSP money to work in a real estate investment. While there are limitations, there are also several options available…
Read MoreShould You Invest or Pay Down Debt?
The article “Should You Invest or Pay Down Debt?” was originally published on MoneySense on January 26, 2016. Here’s what investors nearing retirement should consider Q: I have the following debt: Mortgage – $60,000 @ 2.5% variable rate Line of credit – $20,000 @ 5.7% variable rate Car loan – $24,000 @ 3.75% My question is this:…
Read MoreAdvice For Financial Advisers: Four Things to Remember When You Meet With Clients This RRSP Season
The article “Advice For Financial Advisers: Four Things to Remember When You Meet With Clients This RRSP Season” was originally published on The Financial Post on January 20, 2016. As RRSP season approaches, advisers tend to have lots of advice for would-be RRSP investors. What about a little RRSP advice for your adviser? 1. Don’t overestimate investment…
Read MoreSelling A Cottage To A Family Member
The article “Selling A Cottage To A Family Member” was originally published on MoneySense on January 19, 2016. If the property was bought before 1994, there may already have a $100,000 capital gains deduction Q: I shared a cottage property with my brother. I sold my half to my niece. Do I have to pay capital gains tax? If…
Read MoreDon’t Set It and Forget It: How Your RRSP Strategy Should Change As You Age
The article “Don’t Set It and Forget It: How Your RRSP Strategy Should Change As You Age” was originally published on The Financial Post on January 13, 2016. A registered retirement savings plan is an ever-evolving tool. It serves different purposes depending on your age and stage. To help you navigate your options and how they…
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