Objective Financial Partners Blog

The article “Can you save tax by moving into your rental property?” was originally published in MoneySense on November 28, 2022. Photo by Ketut Subiyanto from Pexels. Moving into a co-owned property has capital gains tax implications, but there are other financial impacts to consider as well. “I have a…

The article “Tools and habits to stay on track with your money goals” was originally published in MoneySense on November 22, 2022. Photo by Andrea Piacquadio from Pexels. Goal tracking is an important part of proactive financial planning. Here are some tools and habits to try to embrace. In recent…

The article “How spouses with joint accounts should claim capital losses” was originally published in MoneySense on November 15, 2022. Photo by Yan Krukov from Pexels. A couple with a pair of joint accounts wants to claim a capital loss on their taxes. How should the loss be reported, and…

The article “Should RRIF withdrawals be based on the younger spouse’s age?” was originally published in MoneySense on November 8, 2022. Photo by Rodnae Productions from Pexels. Is there an advantage to using a younger spouse’s age to calculate minimum RRIF withdrawals? Find out. “I am wondering about the minimum…

Although RRSP withdrawals can be deferred no later than age 72, it may be necessary or advisable to make withdrawals before then. Many retirees have the bulk of their retirement savings in registered retirement savings plans (RRSPs) or similar tax-deferred registered accounts. RRSPs need to be used to buy an annuity or…

The article “What are the tax implications of selling U.S. real estate?” was originally published in MoneySense on October 31, 2022. Photo by Kampus Production from Pexels. Mary and Vic are selling a property in the U.S. and want to know what the capital gain tax implications are on both…

The article “Financial gifts: What you need to know before giving money or investments” was originally published in MoneySense on October 28, 2022. Photo by Marcus Aurelius from Pexels. Whether you’re giving to a family member or a cause you believe in, these considerations will help ensure your gift is…

The article “Can you avoid probate taxes on TFSAs?” was originally published in MoneySense on October 28, 2022. Photo by Sora Shimazaki from Pexels. Find out how to shield TFSAs from probate taxes, when no beneficiary or successor has been named for the registered accounts. “Unfortunately, my wife passed away…

The article “How to leave money to your grandkids” was originally published in MoneySense on October 28, 2022. Photo by Cottonbro studio on Pexels. If you’re a grandparent and want to leave money to your grandchildren, here are tips on how best to do that. In my experience, most people…

The article “Is an RRSP loan a good idea?” was originally published in MoneySense on October 28, 2022. Photo by pressfoto from freepik.com. Depending on which tax bracket you’re in and whether you have other debt, you might be better off simply directing what you would put towards loan repayments…

The article “Where do we pay income tax if we retire abroad?” was originally published in MoneySense on October 26, 2022. Photo by Mikhail Nilov from Pexels. There are tax implications in both countries if Marianna moves to Mexico full-time. Q. We’re thinking about moving to Mexico full-time when we retire.…

The article “Could a line of credit impact my mortgage application?” was originally published in MoneySense on October 26, 2022. Photo by Antoni Shkraba from Pexels. 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…