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How To Claim A Child’s Income Below The Basic Personal Amount

By Jason Heath - July 10, 2023

The article “How to claim a child’s income below the basic personal amount” was originally published in MoneySense on July 10, 2023. Photo by evgenyatamanenko from Getty Images. Even if a child’s earnings are exempt from income tax, they may be entitled to tax credits or deductions. Here’s how their…

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Should You Include Your Pension In Your Net Worth?

By Jason Heath - July 4, 2023

Whether to include a pension in your net worth statement is up for debate. If you choose to do so, know there are a few ways it can be calculated. “I recently retired from the public service here in B.C. and have a defined benefit plan pension. Is there a…

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4 Strategies For Income Splitting With A Lower-Income Spouse

By Jason Heath - June 26, 2023

The article “4 strategies for income splitting with a lower-income spouse” was originally published in MoneySense on June 26, 2023. Photo by Nataliya Vaitkevich from Pexels. If one spouse does not work, is it beneficial for the other to invest and buy stocks in their name? The tax implications depend…

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Should You Transfer Your DC Pension Plan To A Discount Brokerage?

By Jason Heath - June 26, 2023

The article “Should you transfer your DC pension plan to a discount brokerage?” was originally published in MoneySense on June 26, 2023. Photo by Ono Kosuki from Pexels. “I have been with the same employer for nearly 20 years and have participated in the company’s DC RPP for nearly that…

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What To Do When You Overcontribute To Your RRSP

By Jason Heath - June 19, 2023

The article “What to do when you overcontribute to your RRSP” was originally published in MoneySense on June 19, 2023. Photo by Ono Kosuki from Pexels. If you’ve accidentally overcontributed to your RRSP, you’ll pay a tax penalty. Here are your options for promptly correcting the mistake. “I overcontributed to…

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What Expenses Can You Deduct When Renovating A Rental Property?

By Jason Heath - June 13, 2023

The article “What expenses can you deduct when renovating a rental property?” was originally published in MoneySense on June 13, 2023. Photo by Andrea Piacquadio from Pexels. The purpose of the renovations, as well as the occupancy of the building, can influence whether the expenses are tax deductible or not.…

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Should You Accelerate Your Mortgage Payments—Or Invest?

By Jason Heath - June 12, 2023

The article “Should you accelerate your mortgage payments—or invest?” was originally published in MoneySense on June 12, 2023. Photo by Blue Bird from Pexels. Chantal wants to pay down debt, invest and buy a property down south but isn’t sure which to prioritize. “My husband and I are struggling with…

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What To Do With U.S. Dollar RRSPs In Retirement

By Jason Heath - June 5, 2023

The article “What to do with U.S. dollar RRSPs in retirement” was originally published in MoneySense on June 5, 2023. Photo by Gustavo Fring from Pexels. If you already have a Canadian dollar RRIF, should you roll the U.S. dollar RRSP into the RRIF, or open a U.S. dollar RRIF…

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Should This DIY Investor Go All In On This International ETF?

By Jason Heath - May 29, 2023

The article “Should this DIY investor go all in on this international ETF?” was originally published in MoneySense on May 29, 2023. Photo by Ketut Subiyanto from Pexels. You can exclusively hold international ETFs in any Canadian account, without paying a penalty. But there are taxes and diversification to consider,…

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Do Non-Residents Pay Tax On CPP? What If You Live In The U.S.?

By Jason Heath - May 23, 2023

The article “Do non-residents pay tax on CPP? What if you live in the U.S.?” was originally published in MoneySense on May 23, 2023. Photo by Mike Jones from Pexels. Withholding tax is generally the only Canadian tax a non-resident pays for their CPP pension, and the tax burden is…

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Should You Transfer Your DC Pension Plan To A Discount Brokerage?

By Jason Heath - May 8, 2023

The article “Should you transfer your DC pension plan to a discount brokerage?” was originally published in MoneySense on May 8, 2023. Photo by Ono Kosuki from Pexels. Can you transfer funds out of your registered pension plan (RPP) and invest them yourself to reduce investment fees? Find out. ”…

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Market-Linked GICs: The Pros And Cons For Investors

By Jason Heath - May 1, 2023

The article “Market-linked GICs: The pros and cons for investors” was originally published in MoneySense on May 1, 2023. Photo by Andrés Góngora from Pexels. These GICs track the markets, offering low risk and some upside potential to investors. Here’s how to know if market-tracked GICs are for you. “My…

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