Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Opinion: When another refinance may be the wrong answer + MORE Jun 20th
As equity shrinks and household debt rises, some homeowners are finding that another mortgage may only delay a deeper financial reckoning..... More »
Family legacy: How to pass along the family cottage—and 3 things to avoid + MORE Nov 22nd
The iconic Canadian cottage stands as a symbol of family traditions, summer getaways and cherished memories. Yet, as the years pass and generations shift, the future of a family cottage can become uncertain, thanks to things like family conflicts, financial implications and differing expectations am.... More »
How To Navigate Today’s Economy Oct 17th
Rumour has it the worst is yet to come. On October 26th, Bank of Canada Governor Tiff Macklem will very likely increase rates by another 0.50%. Not only will this push the bank prime rate up to 5.95% – it could lead to the average 5-year fixed rate mortgage well above 6.00%. What a mess. As I .... More »
10 up and 3 down, unintended consequences! + MORE Sep 22nd
LOTS OF MOVEMENT IN MORTGAGE RATES
Sounds like a football play. But I’m not talking about football even though the NFL season just started and my Buffalo Bills won their first two games. I’m referring to how many times the Bank of Canada’s (BoC) Governor, Tiff Macklem, has changed the Overn.... More »
Mortgage Digest: 50% odds of a 50-bps October rate cut, experts say + MORE Oct 4th
A weekly review of the latest mortgage and real estate news, a recap of key headlines, and a preview of upcoming economic releases..... More »
Do you pay capital gains tax when separating or divorcing?
– moneysense.ca
I just read your article on paying capital gains on a property inherited from a spouse when there was no official separation agreement in place. Interesting, and I have a related question. If spouses separate with an official separation agreement but keep the matrimonial home and mortgage in both names, as one spouse living in the house and assuming all payments, does the spouse that leaves have to pay capital gains at that time or later when the home is finally sold? If ever?–Mark
Capital gains tax when separating or divorcing
When spouses separate or divorce, there is often an equalization of net family property and a transfer of assets between them. Spousal or child support payments may also be required to be paid from one spouse to the other thereafter.
Money in a registered retirement savings plan (RRSP), or similar retirement account, can be transferred from one spouse to another without triggering any tax implications such that the funds remain tax deferred.
Likewise with capital assets—like non-registered investments, rental properties, or private company shares—that may be subject to capital gains tax…
Everyone Loves Variable Mortgages, Until the First BOC Rate Hike
– canadianmortgagetrends.com
Some mortgage borrowers’ confidence in variable rates may be tested as the Bank of Canada’s overnight target rate starts its inevitable climb upwards, perhaps as early as this week.
