How to make your first million in five steps (no, you don’t need to own real estate) + MORE Apr 4th

All about Canadian investments. Learn the ins and outs and get the latest news.

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Do you have to split your estate evenly between your children? Aug 23rd

A will is intended to outline your final wishes. But, sometimes an estate can be contested, and the courts can overturn the terms of a will and distribute the assets differently. A good example is that of Pascuzzi v. Pascuzzi, a case recently heard by the Supreme Court of British Columbia. .... More »

You have to sell a cemetery plot—will you owe capital gains tax? + MORE May 21st

Ask MoneySense I am the executor of an estate that includes an empty cemetery plot. Is this plot subject to a capital gains tax when I sell it for the estate beneficiaries? —Brian Taxes on the sale of a cemetery plot As real estate prices have risen and as vacant land for cemeteries in b.... More »

The cars, the chargers or the customers? A look at what's behind cooling EV sales growth - CBC News Mar 20th

The cars, the chargers or the customers? A look at what's behind cooling EV sales growth CBC NewsEV euphoria is dead. Automakers are scaling back or delaying their electric vehicle plans CNBCAnalysis: U.S. automakers race to build more hybrids as EV sales slow Autobl.... More »

Ski-Doo maker BRP reports Q4 earnings, delays financial forecast + MORE Mar 27th

Economic uncertainty stirred up by whipsawing U.S. tariff threats prompted BRP Inc. to push back its financial forecast for the coming year, with the trade limbo exacerbating weak consumer demand that drove the Ski-Doo maker to an earnings loss last quarter. “There’s still the uncer.... More »

Should you buy real estate through a corporation? Sep 13th

One of the main tax benefits of Canadian real estate is the ability to claim an unlimited principal residence exemption on the property value appreciation. One exception may be if the land is more than half a hectare (1.24 acres), unless the minimum municipal lot size at the time you purch.... More »

What it’s like to work with a financial advisor

– moneysense.ca

If you’re like many Canadians, you’re probably weighing working with a financial advisor. Maybe you’ve just gotten married, started a business, expanded your family or come into an inheritance, or you’re planning your financial future as you approach retirement.

A financial advisor can be an invaluable resource in taking stock of what you currently have—and in developing strategies to protect and grow those assets. An advisor can provide a blueprint for your financial goals, identify what insurance products you need, help with tax planning and offer advice regarding your investments, savings and budgeting strategies.

What’s also important is that you find someone reputable who you can trust—a person who will be a good fit for you. Here’s how to ensure that process goes smoothly.

Narrow down your search

To find potential advisors, you can ask around for recommendations, or you can use MoneySense’s Find a Qualified Advisor tool. All of the advisors listed in the tool are members of the Financial Planning Association of Canada (FPAC)…

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How to make your first million in five steps (no, you don’t need to own real estate)

– thestar.com

This is one of the most-asked questions I get, and here’s the step-by-step answer, Lesley-Anne Scorgie writes.

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What to do when you overcontribute to your RRSP

– moneysense.ca

I just read your article on “How do the RRSP contribution carry forward rules work?” Thanks for putting it out there.

I am new to Canada and have little knowledge about the RRSP system. Would you be able to guide me? I overcontributed by more than $2,000. What is my best option to avoid a penalty?—Mo

What is the RRSP contribution room?

The room to contribute to your registered retirement savings plan (RRSP) is generated each year, based on your earned income for the previous year. For most people, earned income is employment or self-employment income, but it can also include other sources like net rental income. This year’s RRSP room is 18% of last year’s earned income, up to a limit of $29,210 for 2022.

RRSP room is cumulative and carries forward each year.

How much is too much?

You are allowed to overcontribute to your RRSP–a contribution in excess of this year’s RRSP room–by up to $2,000. If you have more than $2,000 extra contributed to your RRSP, Mo, you are subject to a penalty…

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