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OAS payment dates in 2025, and more to know about Old Age Security + MORE Oct 8th
If you’re approaching or planning for retirement, you may have questions about Old Age Security (OAS) benefits, like: Do I need to apply for OAS? How much will I receive in OAS? When do OAS payments go out? We cover these questions and more below. But first, here’s a quick overview of how OAS wo.... More »
’Tis the season for tax-loss selling in Canada + MORE Dec 11th
With 2023’s year-end fast approaching, late December is a critical period for Canadian investors and their money managers. Now that we’re in the fourth quarter, this is the time to take inventory of your investments—and specifically taxable non-registered investment accounts—with an eye to m.... More »
Can we retire with $6,500 a month? Aug 17th
Randy and Sandra Luke
Up until last year, Sandra and Randy Luke were focused on paying off their mortgage. With that goal behind them, they’re ready for their next challenge: to retire in 10 years. But can they save enough to build a portfolio capable of delivering a monthly net income of $6.... More »
How much money does the government contribute to an RESP? + MORE Feb 13th
Whether your child eventually goes off to university, enrolls in a college program or is interested in another type of schooling, there’s no way around it: post-secondary education is pricey. In Canada, the average undergraduate tuition fee for the 2022–23 school year was $6,834. Over four yea.... More »
You may be able to claim these commonly overlooked medical expenses on your tax return + MORE Feb 27th
Whether you do your own taxes or enlist professional help, you want to avoid leaving money on the proverbial table. Yet, a number of medical expenses are commonly overlooked by taxpayers when filing their tax returns.
Medical expenses may be eligible for a federal non-refundable tax credit on your t.... More »
How I grew $30 to $250,000 in just 10 years
– moneysense.ca
Gokul Jayapal, 40, Scarborough, Ont.I came to Canada from the U.K. 12 years ago when I was 28. I had just $11,000 with me—the bare minimum for entry. In those early days, I spent that money on housing, a new laptop and other basic amenities before starting my job search in earnest. It was tough. Even though I had a PhD in agricultural sciences, I failed to get a job in my field. I was told one of three things by recruiters: either my doctoral degree from the U.K. wasn’t recognized in Canada, I had no Canadian qualification or experience, or, simply put, I just wasn’t qualified. I sent out more than 1,000 job applications and never got an interview.
Frustrated, I changed my strategy and started job hunting with a resume that listed just my master’s degree. I soon landed a marketing job where I only made a commission. I had to hustle. With just $30 in my savings account, I took a second job writing freelance articles about personal finance for Canadian Immigrant magazine.
It was during this time that I accidentally stumbled upon The Courage to be Rich by Suze Orman…
Capital gains when selling property to family
– moneysense.ca
Q: Do I have to pay income tax if I inherited a property jointly with my sister and she bought me out for less than half the appraised value of the property?—Johanna
A: Asset sales between family members can be tricky to facilitate at a family level, let alone from a tax perspective. There are tax implications to be aware of here, Johanna.
First, a primer on how capital gains tax works. For real estate, it’s based on the sale price, less selling costs, less capital improvements made to the property, less your adjusted cost base (ACB) or acquisition cost.
Fifty percent of a capital gain is taxable and is added to your other sources of income for the tax year. A large capital gain—for example, on a piece of real estate—can easily push you into a higher tax bracket.
There are nuances related to real estate like whether or not a property might qualify as a principal residence, whether a capital gains exemption was declared in 1994 if you inherited prior to that and so on that you also need to consider…
