The article “Tax Facts When Hiring A Nanny” was originally published on MoneySense on June 20, 2017. You have different obligations depending on if your nanny is your employee or is considered self-employed Q: I have four children for whom I can claim child care expenses. I would like to hire someone…

The article “Retiring To Mexico – For A Lower Tax Rate” was originally published on MoneySense on June 13, 2017. You technically have to pay just 15% on your Canadian income, but there’s more to the story Q: We have a friend living in Mexico 10 months of the year. She…

The article “Using Real Estate vs. RRSPs To Fund Retirement” was originally published on MoneySense on June 6, 2017. You’ll have to unwind the RRSP regardless, so watch the tax bill when selling a home for retirement income purposes Q: We have three rental properties in Vancouver (one is mortgage free) and own…

The article “Turning Investment Income Into Mortgage Payments” was originally published on MoneySense on May 30, 2017. For conservative investors, paying down debt provides a great return Q: I have a mortgage of $120,000 with an interest rate of 2.25% variable. I have some monies which I move around depending on…

The article “Retirement Income Jitters” was originally published on MoneySense on May 23, 2017. Penny has a defined benefit pension, but no equities. Will she have enough income in her golden years? Q: I have a defined benefit pension, real estate (but not income-generating) and cash in GICs, but no equities.…

The article “Can You Have RRSPs and RRIFs At The Same Time?” was originally published on MoneySense on May 16, 2017. And more importantly, should you? Q: I have various RRSP accounts and am considering converting some (all) to RRIFs. Must I convert all my RRSP accounts to RRIF at the…

The article “How To Get The Most Out Of The Capital Gains Exemption” was originally published on MoneySense on May 9, 2017. Not everyone qualifies for the lifetime capital gains exemption, but there are other options Q: I would be interested in understanding the $500,000 lifetime capital gains exemption and…

The article “Tax Traps For The Self-Employed” was originally published on MoneySense on May 2, 2017. Know your employment status to avoid a surprise tax bill Q: I worked for my Dad’s lawn care sole proprietorship business as a summer student. His accountant said because I’m a student and wouldn’t be…

The article “How Business Owners Should Time CPP And OAS” was originally published on MoneySense on April 25th, 2017. Deferring has extra benefits when you own a business Q: I retired recently, having just turned 65 years of age. I have not applied for CPP or OAS as yet because I…

The article “Everything You Can Do With Your RRSP At 71” was originally published on MoneySense on April 19th, 2017. If you still have time, you should consider withdrawals before 71 Q: I’m about to turn 71 and have RRSPs that have to be dealt with. Should I turn them into…

The article “Maximize Income Splitting – Years Before You Retire” was originally published on MoneySense on April 12, 2017. Plan for your golden years in your 30s. Here are tips. Q: I am 38 years old with $98,000 in my RRSP and I will have a defined benefit pension when I…