The article “How to leave money to your grandkids” was originally published in MoneySense on December 28, 2021. In my experience, most people leave their entire estate to their children. But you can name other people to receive a dollar amount, a specific asset, or a percentage of your estate,…

The article “CPP vs RRSP: Can you transfer your CPP to an RRSP?” was originally published in MoneySense on December 20, 2021.Photo by Karolina Grabowska from Pexels. Is it possible to transfer CPP to RRSP? The answer is a quick one, but there’s more to an CPP and RRSPs to…

The article “What are the tax benefits of donating to charity?” was originally published in MoneySense on December 14, 2021.Photo by RODNAE Productions from Pexels. ’Tis the season for giving and some may be wondering how donating to charity saves tax on your tax return. Philanthropy can be rewarding in…

Linda is approaching retirement with cash in her corporation. She wonders how to withdraw it before or after retirement. I work as a self-employed IT contractor. I am incorporated. Over the years I have accumulated about $100,000 in my business account, over and above what I need to carry operating…

The article “How to invest as a teenager in Canada” was originally published in MoneySense on November 29, 2021.   Birthday money burning a hole? Read our “investing for teens” guide for where to invest, how to buy stocks, what you need from your parents, and more. If you’re starting…

The article “Do RRIF beneficiaries pay tax?” was originally published in MoneySense on November 22, 2021. Photo by Polina Tankilevitch from Pexels. Is it possible to avoid tax as a RRIF beneficiary? Find out if timing could be an issue, as well as rules around withdrawals, too. As the beneficiary…

The article “Could a line of credit impact my mortgage application?” was originally published in MoneySense on November 16, 2021. Line of credit payments and other non-mortgage debt are factored into mortgage affordability calculations. Here’s what you need to know before filing your mortgage application. Prospective house hunters and those…

The article “Should you take RRSP withdrawals to pay down debt?” was originally published in MoneySense on November 9, 2021. Photo by Mikhail Nilov from Pexels. With a partner out of work, this reader is considering a RRSP withdrawal to try to reduce her mortgage payments. Should she? My husband…

The article “How to draw money out of your corporation in retirement” was originally published in MoneySense on November 2, 2021. When you have money saved in a corporation, retirement planning can be a little more complicated. But it can be done. Incorporated business owners can sometimes be unsure of…

The article “Affordability tips for first-time home buyers to securing a mortgage” was originally published in MoneySense on October 28, 2021. Photo by Jessica Bryant via Pexels. Irene and her partner want to buy a house with savings, some help from her dad and a mortgage from an alternative lender. What…

The article “Reasons to consider early RRSP and RRIF withdrawals” was originally published in MoneySense on October 19, 2021. Photo by Mikhail Nilov from Pexels. I get a lot of reader-submitted questions about early RRSP and RRIF withdrawals and how much to take out. Here is a primer. Workers contribute…

The article “Joint tenancy vs tenancy in common in Canada: Changing ownership of assets for married and common-law partners” was originally published in MoneySense on October 14, 2021. Photo by cottonbro from Pexels. The tax implications of changing land owned jointly as tenants in common to joint tenancy with right…