Objective Financial Partners Blog
How Are You Taxed When You Sell A Small Business?
The article “How are you taxed when you sell a small business?” was originally published in MoneySense on April 11, 2022. Photo by Andrea Piacquadio on Pexels. How do you report the income from the sale of a small business? What are the tax implications? And what do you do…
What To Do When You Overcontribute To Your RRSP
The article “What to do when you overcontribute to your RRSP” was originally published in MoneySense on April 4, 2022. Photo by Andre Furtado from Pexels. What happens when you inadvertently contribute too much to a RRSP? Find out if there’s anything you can do to avoid a penalty. I…
Converting A Segregated Fund To A RRIF
The article “Converting a segregated fund to a RRIF” was originally published in MoneySense on March 29, 2022. Photo by by Arthon meekodong. If you hold a segregated fund and want to convert it to a registered retirement income fund, this is what’s involved. I have a segregated fund (I…
Here’s What The Soaring Inflation Rate Means For Your Retirement
The article “Here’s what the soaring inflation rate means for your retirement” was originally published in Financial Post on March 22, 2022. PHOTO BY JLGutierrez from Getty Images Jason Heath: Time horizon and effects of ‘transitory’ inflation are clearly much longer and more widespread than anticipated A retiree with a…
When Can You Claim Medical Expenses On Your Tax Return
The article “When can you claim medical expenses on your tax return” was originally published in MoneySense on March 21, 2022. Photo by Anna Shvets from Pexels. After you pay for out-of-pocket medical expenses, what should you do with the receipts? Find out if you can claim these on a…
Capital Gains When Selling Property To Family
The article “Capital gains when selling property to family” was originally published in MoneySense on March 18, 2022. Photo by cottonbro from Pexels. If you sell a property to a relative for a bargain price, does that mean you pay less tax for capital gains? Do I have to pay…
Should You Start OAS If You Are Still Working?
The article “Should you start OAS if you are still working?” was originally published in MoneySense on March 17, 2022. Photo by Tim Mossholder from Pexels. Not retired yet? Wondering about applying for Old Age Security? Here are the things to consider first. I’m turning 65 next month and I’m…
Understanding The 1994 Capital Gains Tax Election
The article “Understanding the 1994 capital gains tax election” was originally published in MoneySense on March 14, 2022. Photo by Polina Tankilevitch from Pexels There is a $100,000 capital gains exemption that applied until 1994. Find out if it can be used to reduce the tax payable on a second…
Can I Save Tax By Transferring An Investment Property To A Corporation?
The article “Can I save tax by transferring an investment property to a corporation?” was originally published in Financial Post on March 11, 2022. Photo by Kampus Productions from Pexels. The potential transfer of the property presents an opportunity to take back tax-free cash from your corporation. Q: Are there…
Capital Gains On Subdivided Land, And HST On Vacant Land
The article “Capital gains on subdivided land, and HST on vacant land” was originally published in MoneySense on March 10, 2022. For property that you can subdivide, you can sell some of the land and build a house on the rest. But would you owe any tax? Our primary residence…
Principal Residence Exemption On Death And Capital Gains With Joint Tenancy
The article “Principal residence exemption on death and capital gains with joint tenancy” was originally published in MoneySense on March 9, 2022. Photo by Anastasia Shuraeva from Pexels. There are rules around capital gains on the sale of joint property in Canada. But how does death affect tax and probate…
For Certified Financial Planner, Lifetime Of Struggle Holds Lessons For Others
The article “For certified financial planner, lifetime of struggle holds lessons for others” was originally published in Wealth Professional on March 8, 2022. International Women’s Day: CFP reflects on life-changing tragedy and how she took financial control This article was provided by Brenda Hiscock, of Objective Financial Partners in Markham,…
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