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Buying a second home: How it works in Canada + MORE May 9th
What does it take to buy a second home in Canada? There’s a lot to consider, from figuring out whether you can afford to buy a second property (and whether it’s worth it) to navigating the down payment requirements and mortgage rules. To help you get started, we’ve answered these questions and.... More »
Is the 4% Rule obsolete? Jul 31st
Over the half decade I’ve written this column and attempted to practice what it preaches, a central pillar has been the so-called 4% Rule. As originally postulated by Certified Financial Planner and author William Bengen, that’s the rule of thumb that retirees can safely withdraw 4% of the value.... More »
The best high-interest savings accounts in Canada for 2026 + MORE Mar 9th
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Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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Proposed Brampton Real Estate Board Integration with Toronto Regional Real Estate Board - Toronto Real Estate Board + MORE Apr 13th
Proposed Brampton Real Estate Board Integration with Toronto Regional Real Estate Board Toronto Real Estate Board.... More »
Buying ETFs in Canada Tool: The MoneySense ETF Screener + MORE Nov 10th
If you’re researching ETFs to buy, you’ve come to the right place. Below you will see the tables for different ETF categories, offering ETF options from some of the best ETF providers in Canada. We’ve included some helpful ETF asset class, geography, provider, tickers, as well as one-year retu.... More »
Understanding the 1994 capital gains tax election
– moneysense.ca
Q. I built my cottage in 1992 and did not know about the CRA T664 (election of claim eliminating capital gain up to $100,000 for future increase in value). I knew nothing about this for income purposes at the time; can I still make a claim?
Also, who determines fair market value (FMV)—do you just look at comparable properties yourself and pick one? Do you get a real estate agent to assess it?
–John
A. It sounds like you have done some research on this capital gains exemption, John, or at least received a bit of advice from someone. I will tell you right off the bat that there seems to be a slight misunderstanding about how the exemption works.
Form T664 was a tax form used to make an Election to Report a Capital Gain on Property Owned at the End of February 22, 1994. Prior to that date, there was a $100,000 capital gains exemption that applied generally to capital property like cottages, rental properties, stocks, mutual funds and similar capital assets. The federal government ended the exemption at that time, but still allowed an exemption of $500,000 for qualified small business corporation shares and qualified farm property (now $883,384 and $1,000,000, respectively, in 2020)…
Also, who determines fair market value (FMV)—do you just look at comparable properties yourself and pick one? Do you get a real estate agent to assess it?
–John
A. It sounds like you have done some research on this capital gains exemption, John, or at least received a bit of advice from someone. I will tell you right off the bat that there seems to be a slight misunderstanding about how the exemption works.
Form T664 was a tax form used to make an Election to Report a Capital Gain on Property Owned at the End of February 22, 1994. Prior to that date, there was a $100,000 capital gains exemption that applied generally to capital property like cottages, rental properties, stocks, mutual funds and similar capital assets. The federal government ended the exemption at that time, but still allowed an exemption of $500,000 for qualified small business corporation shares and qualified farm property (now $883,384 and $1,000,000, respectively, in 2020)…
Tips & Tricks for Investing After Losing Your Job Due to an Injury
– investitwisely.com
You are home and laid up after a work accident, and expect that you will be so for a while. You’ve always been intrigued by investing and are wondering how you can learn how to invest, now that you have some downtime to look into it. Thankfully, your workers’ compensation is paying and you have not depleted your nest egg, so you feel you have a bit of money to play with.For small or first-time investors, there is a host of options available online. This article will suggest an approach to first-time investments, introduce you to a few online investing opportunities, and help you get started investing with as little as $500.
How to Invest After Losing Your Job
The first tip is to start small. Only “play with” an amount of money you can afford to lose entirely. If you do happen to lose it, consider it the price you have paid for an education in investing.
Many beginning investors start with as little as $500, and that amount gives you access to many online investment platforms.
The second tip is, do not invest funds you need for another purpose, such as your child’s college fund, your emergency fund, or the money you need for next week’s groceries…
