A big tax refund puts the same pressure on you as a lottery win. There’s an opportunity to do some things you normally can’t afford when a cheque from the Canada Revenue Agency arrives (or a direct deposit lands in your bank account). Don’t blow…
The Rules The cascading insurance strategy takes advantage of subsection 148(8) of Canadian tax law, which will allow you to transfer ownership of a life insurance policy to any of your children, free of tax, where a child of yours is the life that is…
Difficult chats are worth having. Financial discussions can be tricky at the best of times but, when you’re dealing with family, they run the risk of getting out of control, especially when it comes to sensitive topics such as death and debt. Whether you’re a…
Discuss transition of ownership with adult children and set clear expectations early. The summer cottage, home, or cabin is often the most emotionally volatile of family assets. Whether it’s about the great memories, ownership status, or a refuge from hectic lives, it is held dear…
MoneySense measures the quality of life in 201 cities across the country. This year, small cities steal the show. Who says size matters? If you’re looking for the best place in Canadato live, perhaps it’s time to think small. Really small. It’s easy to think…
For the majority of Canadians, a home is the largest investment they’ll ever make. Therefore it’s only natural that most people seek out insurance plans to protect their investment. But is mortgage insurance or life insurance the better option when safeguarding your home? While both…
Fixed interest rates may be better choice than variable for home buyers amid possible hike: BMO Longer-term fixed mortgage rates may soon be a better deal than variable rates for homebuyers, according to a new report by BMO Capital Markets. Home prices were up in all…
Should you rent or own your home? Tim Lemieux always thought he would buy a condo inToronto. He visited open houses. He plugged various numbers into mortgage calculators. When his mother died a few years ago, his four siblings sold her home in Bowmanville and Mr….
RRSP inheritance money is taxed at the source by the deceased’s estate,not the by the beneficiary. Q: I am the executor of my sister’s will. Her daughter, who is 22, is the beneficiary for all her RRSPs. Does the beneficiary declare all this money on her 2014…
If you had a crippling accident or were diagnosed with a critical illness tomorrow, would your family be able to cope? Ten years ago, Janet Freedman was rushing out the door of her home for work. Her arms loaded with tax returns, she missed a…