Posts by Jason Heath
Now and Then: Do Canadian Homes Really Cost That Much More Than 30 Years Ago?
The article “Now and Then: Do Canadian Homes Really Cost That Much More Than 30 Years Ago?” was originally published on The Financial Post on March 24, 2015. It’s hard to scan a Canadian newspaper these days without coming across an article about the country’s lofty real estate prices. And it’s also hard for parents to tell…
Read MoreHow to Get Money Out of Locked-In Retirement Accounts
The article “How to Get Money Out of Locked-In Retirement Accounts” was originally published on MoneySense on March 17, 2015. Pete has a LIRA and wants to understand the rules on making withdrawals Q: I have a LIRA and have been told that each province has strict laws on when I would be able to withdraw…
Read MoreWhat To Do With An Inheritance
The article “What To Do With An Inheritance” was originally published on MoneySense on March 10, 2015. Should Rich use his $200,000 inheritance to reduce his debt and increase his cash flow? Q: I recently inherited some farm land and it is worth $200,000. I have a relatively large mortgage of $205,000 and credit card debt…
Read MoreParents, Don’t Miss Out On These Four Tax Deductions and Credits
The article “Parents, Don’t Miss Out On These Four Tax Deductions and Credits” was originally published on The Financial Post on March 6, 2015. The Family Tax Cut has been hogging the limelight among Canada’s recent tax changes. But chances are you’ll benefit more from four other new tax measures. There’s nothing proactive about the Family Tax…
Read MoreAre You Ready to Retire?
The article “Are You Ready to Retire?” was originally published on MoneySense on March 3, 2015. 9 questions to help you determine if you can afford to quit working Q: I am a 57-year-old widowed medical secretary earning $43,000 annually plus survivor pension of $560 monthly. I do not have a mortgage or car payments or any…
Read MoreHow Pension Income Splitting Really Works
The article “How Pension Income Splitting Really Works” was originally published on MoneySense on February 26, 2015. Ken is trying to get some answers so he can plan a tax efficient retirement income for he and his wife Q: As I understand it, RRSPs have tax withheld at 30% and then you are taxed based on…
Read MoreWhich Pays Off More: Getting a University Degree or Investing the Tuition Money?
The article “Which Pays Off More: Getting a University Degree or Investing the Tuition Money?” was originally published on The Financial Post on February 20, 2015. As university tuition fees continue to rise and graduates have trouble getting good-paying jobs, parents and students alike might be wondering if university is even worth it any more. Maybe kids…
Read MoreOptimize Your Retirement Income
The article “Optimize Your Retirement Income” was originally published on MoneySense on February 17, 2015. Jackie is approaching retirement and her husband is retired. She’s looking to optimize her retirement income and minimize her income taxes. Q: My husband is 63 and I am 58 years-old. We have defined benefit pension plans totalling $90,000 for both…
Read MoreHow to Know When to Start Drawing on Your RRSP
The article “How to Know When to Start Drawing on Your RRSP” was originally published on The Financial Post on February 17, 2015. There is plenty of information out there about RRSP contributions, ranging from why it’s a good idea to contribute, to how much to put into your RRSP and even which investments to purchase. It’s…
Read MoreJuggling Personal and Workplace RRSPs
The article “Juggling Personal and Workplace RRSPs” was originally published on MoneySense on February 12, 2015. Make workplace RRSPs your primary focus Q: My husband and I participate in workplace RRSP top-up programs, and we have an RRSP loan to maximize my husband’s RRSP contribution. We’re not sure if this is a good plan, especially considering…
Read MoreUsing More Than One Financial Adviser
The article “Using More Than One Financial Adviser” was originally published on MoneySense on February 10, 2015. At key times in your life, it makes sense to use more than one financial adviser. Does it make sense for Donna? Q: What are the benefits and/or drawbacks to using more than one financial adviser at the same…
Read MoreHow Spousal RRSP Withdrawals Work
The article “How Spousal RRSP Withdrawals Work” was originally published on MoneySense on February 9, 2015. Avoid unexpected tax consequences by knowing how attribution works Q: My wife and I are planning to retire within five years. I heard about a rule that requires you to stop contributing to your RRSP for three years prior to…
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