How to tell the taxman you’re selling your home + MORE May 30th

Learn, save, invest and prosper with My Own Advisor.
This post is by a passionate reader of My Own Advisor who recently started her own blog at www.passiveinvesting.ca.
I became interested in investing after I got my first pay cheque after college. I was lucky that my parents paid for my college tuition and I didn’t graduate with any debt, so when I finally made my first dollar on my first job, I was ecstatic.  I guess what separated me from my peers was that instead of going on a shopping spree, I decided to invest my first dollar.  However, without knowing anything about the stock market, I thought the only way to earn money in the markets was through day trading (thank you very much money-sucking infomercials). For the next two years, I proceeded to lose thousands in the markets, and it became quite discouraging.
What changed my entire outlook on investing was reading A Random Walk Down Wall Street by Burton Malkiel. In a nutshell, the premise of the book was that the market is a “random walk” that is unpredictable but an individual investor can win at investing through systematic investments in index funds…

Q: My husband and I just sold our family home. We have two young children and won’t be purchasing another home at this time. Instead, we’ll spend the next six months evaluating our options.
The home we sold was our principle residence. We purchased this home 15 years ago for $182,500. We just sold it for $402,000. Do we have to pay capital gains tax on the profit of the sale of our home? If we don’t have to pay capital gains tax, do we still have to claim the money as income on our income tax return?
Finally, what’s the best way of dealing with the remainder of the money so that it can be used as a down payment for our next home, when we are ready to buy?
—Teri Lynn Mucin, via Facebook message

Answer from Romana King, senior editor and real estate specialist at MoneySense: 
Teri, you and your husband will be happy to learn that you will not owe a single dime in taxes even though you’re seeing a net profit from the sale of your family home. That’s because the Canada Revenue Agency (CRA) provides Canadian homeowners with an exemption from taxes owed on the profit made from the sale of your principal residence…

MADRID – Now that the season is over, Lionel Messi is getting ready to go to court.
Messi will appear in front of a judge this week to defend himself from accusations he failed to properly pay taxes for part of his earnings from Barcelona, becoming the latest high-profile player to have to deal with Spain’s tough tax system.
Neymar, Javier Mascherano, Adriano and Xabi Alonso also had to deal with Spanish tax authorities recently.
The cases have brought unwanted attention to Spanish soccer, and could start scaring some players away just as the Spanish league tries to find ways to become more competitive against the Premier League, whose clubs have the financial power to go after nearly every top player on the market.
Neymar’s father last year said the constant harassment over his son’s taxes could lead to the player’s departure from Barcelona.
Players have been keeping quiet and don’t speak publicly about tax cases in Spain, but many admit it’s uncomfortable to watch Messi and others face the tribunals because of off-the-field issues…

Lindsay Tithecott, 29, doesn’t know if she should keep her emergency fund in an RRSP or a TFSA.
In our April 2016 issue of MoneySense, we introduced you to Lindsay Tithecott, a 29-year-old who is trying to pay down debt, build up savings and buy a larger condo. Throughout the year we’ll be giving her a financial challenge every two weeks to help her get her finances in tip top shape.She’s already been challenged to cut her fitness expenses as well as to determine if she should prioritize debt-repayment over saving. Lindsay’s third challenge was all about condo-buying and the various aspects associated with that process. Make sure to follow along!
Challenge No. 4

Lindsay:
After doing the first three challenges I felt I wanted some face time with my financial expert. So I arranged to have a 30-minute phone chat with certified financial planner Heather Franklin, the expert helping me along my Money Fit journey. My four questions were:
1. What amount is ideal for emergency savings?
2…

TORONTO – The Intertain Group Ltd. (TSX:IT) is postponing its annual meeting by three months to give its directors more time to complete a review of the online gaming company’s strategic options.
The review was launched in March after Intertain’s stock plunged by nearly 16 per cent in two days to $9.65 on the Toronto Stock Exchange.
Intertain said at the time, it was the unfortunate victim of a minor and erroneous reference in materials released by Quebec’s security regulator as part of its investigation into another gaming company, Amaya Inc. (TSX:AYA).
Since March 28, Intertain’s stock has rebounded and closed on Friday at $12.74 — giving the company a market value of nearly $900 million.
Intertain now plans to hold its annual shareholders meeting on Sept. 23. It was originally scheduled for June 29.
Intertain currently offers casino-type games such as blackjack and roulette through InterCasino.com and bingo through Costabingo.com. Its other brands include Vera & John and Jackpot Joy…