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Are Home Renovations Tax Deductible In Canada?
Doing home renovations? Find out if there are any tax incentives that Canadians are able to claim. We are upgrading our electrical and removing an oil furnace and wood furnace. We are replacing them with a ducted heat pump. So, the question is will we get any tax break where…
Read MoreU.S. Withholding Tax In An RRSP For Canadians
The article “U.S. withholding tax in an RRSP for Canadians” was originally published in MoneySense on August 2, 2022. Photo by Alexander Mils from Pexels. For Canadians who have withholding tax on U.S. income in an RRSP, sometimes this tax can be avoided. I have EPD stock in my RRSP…
Read MoreShould You Transfer Property To A Child And Then Rent It From Them?
The article “Should you transfer property to a child and then rent it from them?” was originally published in MoneySense on July 26, 2022. Photo by Mushtaq Hussain on Pexels. Satyesh is considering transferring his home to his daughter and then renting it back from her. What are the tax…
Read MoreAre Fees Payable For Acting As A Power Of Attorney?
The article “Are fees payable for acting as a power of attorney?” was originally published in MoneySense on July 19, 2022. Photo by Kaboompics.com from Pexels Can you be paid for a role as an attorney for property, in particular, after the position has already been resigned? Can a fee…
Read MoreShould I Sell And Rent Or Get A Reverse Mortgage?
The article “Should I sell and rent or get a reverse mortgage?” was originally published in MoneySense on July 4, 2022. Photo by Alex P from Pexels. What to consider before selling your home or getting a reverse mortgage. The math reveals the real costs for retirees. I’m an 82-year-old…
Read MoreWhat Are The Taxes On Transferring Real Estate To Your Kids?
Joan and her partner own the condo her son lives in, but they want to transfer ownership to him. What are the tax implications? We purchased a condo for our son, who has been using it as his principal residence for over 10 years. He has made improvements, but the…
Read MoreCapital Gains, Taxes And More: The Implications Of Inheriting Real Estate
The article “Capital gains, taxes and more: The implications of inheriting real estate” was originally published in MoneySense on June 20, 2022. Photo Greta Hoffman from Pexels. There are tax, estate and other implications when inheriting real estate, even from family. I’ve been reading a lot of articles on how…
Read MoreHow Much Are Withholding Taxes On RRSPs And RRIFs?
The article “How much are withholding taxes on RRSPs and RRIFs?” was originally published in MoneySense on June 13, 2022. Photo by Mikhail Nilov from Pexels. Anne wants to take extra RRIF withdrawals beyond her annual minimum amount and is worried about the tax implications. I need to withdraw $6,600…
Read MoreShould You Borrow To Invest With The Smith Manoeuvre?
The article “Should you borrow to invest with the Smith Manoeuvre?” was originally published in MoneySense on June 6, 2022. Photo by Andrea Piacquadio from Pexels. Warren is trying to crunch the numbers on borrowing to invest using a strategy often referred to as the Smith Manoeuvre. Do you know…
Read MoreWhere To Start Investing With ETFs In Your 20s
The article “Where to start investing with ETFs in your 20s” was originally published in MoneySense on May 30, 2022. Photo by Andrea Piacquadio from Pexels. Learning about investing in your 20s can be as fun as it is challenging. Here are some thought-starters. I want to help my 20-year-old…
Read MoreThe Tax Implications Of Owning Multiple Properties During Probate
The article “The tax implications of owning multiple properties during probate” was originally published in MoneySense on May 24, 2022. Photo by Erik Mclean from Pexels. When a spouse passes away, what are the tax, probate and mortgage implications for multiple properties? My husband passed away in January this year.…
Read MoreShould You Loan Money To Someone Who Is House Rich And Cash Poor?
The article “Should you loan money to someone who is house rich and cash poor?” was originally published in MoneySense on May 17, 2022. Photo by Andrea Piacquadio from Pexels. Loaning money to someone who is house rich and cash poor requires some consideration. Even when it involves family. My…
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