The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
Latest News
SpaceX stock jumps after record IPO, making Musk the first trillionaire - CBC Jun 12th
SpaceX stock jumps after record IPO, making Musk the first trillionaire CBCSpaceX stock jumps nearly 30% following largest IPO ever Yahoo FinanceSpaceX soars 23 per cent in Wall Street debut and makes Elon Musk the first trillionaire BNN BloombergSpaceX IPO makes Elo.... More »
Looking for a mortgage in B.C.? Don’t limit your options to the big banks + MORE Apr 3rd
At last, interest rates are coming down again. For Canadians who are in the market for a new home, facing renewal of their mortgage in the foreseeable future, or feeling unsatisfied with their current home loan, this poses two choices: do you pounce now, or stay on the sidelines in the hope that rat.... More »
Is now the time for a long-term investor to abandon stocks? + MORE Oct 12th
With the current volatility of today’s market, I have seen my LIRA investment bounce up to almost $90,000 earlier this year, to almost $20,000 less today. That said, it is in a medium- to high-risk portfolio at the moment.
With any luck, I probably still have approximately 18 more years I coul.... More »
Stock market news for Canadian investors: BMO and Scotiabank report earnings + MORE Feb 26th
Companies that reported earnings this week
BMO
Scotiabank
BMO Financial Group reports $2.14B Q1 profit up from $1.29B a year ago
Source: Google
BMO (TSE: BMO)
Q1 earnings: $2.14 billion, up from $1.29 billion a year earlier.
Revenue: $9.27 billion, up from $7.67 bi.... More »
Xiaomi’s Mi 11 Ultra is getting an ultra-limited release in India - The Verge Jul 5th
Xiaomi’s Mi 11 Ultra is getting an ultra-limited release in India The VergeRedmi Note 10 Pro vs Xiaomi Mi 11 Lite: Specs Comparison gizmochinaA famous leaker shows what might have been with discarded Xiaomi Mi 11-series designs Notebookcheck.netXiaomi Mi MIX 4 with.... More »
How to calculate capital gains and losses on rental property
– moneysense.ca
Q. I am selling my rental property, which I lived in for six years before renting it out the last five years. I do not own another home and I am selling this one for less than market value because some horrible renters caused the property to become run down. My mortgage principal is $263,000 and I am selling privately (to avoid real estate commission costs) for $325,000. What do I need to know in regards to capital gains reporting and taxes?
– Chris
A. When you convert a home that is your principal residence into a rental property, this is considered a change in use. You are deemed to dispose of the property at the fair market value at that time, and immediately reacquire it. Future capital gains may then apply based upon subsequent growth in the property’s value.
Under subsection 45(2) of the Income Tax Act, it’s possible to continue treating a principal residence converted to a rental property as your principal residence for up to four years. There are, however, several conditions:
1) You must report the subsequent rental income;
2) You cannot claim depreciation (capital cost allowance) on the property as a tax deduction;
3) You cannot designate another property as your principal residence;
4) You must be a Canadian resident…
– Chris
A. When you convert a home that is your principal residence into a rental property, this is considered a change in use. You are deemed to dispose of the property at the fair market value at that time, and immediately reacquire it. Future capital gains may then apply based upon subsequent growth in the property’s value.
Under subsection 45(2) of the Income Tax Act, it’s possible to continue treating a principal residence converted to a rental property as your principal residence for up to four years. There are, however, several conditions:
1) You must report the subsequent rental income;
2) You cannot claim depreciation (capital cost allowance) on the property as a tax deduction;
3) You cannot designate another property as your principal residence;
4) You must be a Canadian resident…
