How to go about securing the best policy for your insurance in Canada.
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Watch: Home Insurance in Canada—what’s covered, what’s not, if premiums are rising and more + MORE Oct 11th
Planning your home insurance policy? Wondering if you should add on coverage to your existing coverage? Managing editor Lisa Hannam interviews Morgan Roberts, director of sales at RH Insurance, about what is covered with a typical home insurance policy and what’s not covered, as well as if premium.... More »
When to prioritize debt repayment over saving Nov 7th
In an earlier story, 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. To help her get her finances in tip top shape, we gave her a series of financial challenges, including a rethink of her budget-busting fitness classes. .... More »
When Your Neighbor’s Tree Falls, Who’s Responsible? Apr 29th
A beautiful landscape with mature trees is picturesque. That is until a neighbor’s tree falls in your yard. Blame it on high winds or lack of upkeep, but accidents happen. And tree damage can quickly create tension among neighbors if you don’t know how to handle the situation.
Use these tips to.... More »
Climate Change Is Influencing How Young People Invest Their Money Jul 11th
The climate crisis and its effects are front of mind for many Canadians. A recent Ipsos study found that 73 per cent of Canadians believe the world is headed towards environmental disaster, unless there’s an effective transition away from fossil fuels and a significant reduction in greenhouse gas .... More »
Founder of Chinese company with billions in B.C. assets gets 18 years for fraud May 11th
Anbang Insurance Group's extensive B.C. holdings — including Vancouver's Bentall Centre and the largest retirement and care home company in the province — is now controlled by the Chinese government..... More »
When two people are on a condo title, who pays capital gains?
– moneysense.ca
Q. I purchased a condo in Saskatchewan in 2001. I was young, and because I had a lower income than usual that year, my father co-signed for the mortgage. If I sell the condo with my dad on the title, will he be subject to the capital gains tax? And if so, can I get him off the title prior to a potential sale and avoid any capital gains tax?
—Kurt
A: The entire concept of ownership in the Income Tax Act is intriguing, as there is no clear definition of the term. For tax purposes, however, capital gains are reported on the tax return of the beneficial owner of the property—the person who has legal ownership and enjoyment of the property as well as the legal title.
In Interpretation Bulletin 170R, the CRA describes beneficial ownership as having possession, use and risk as its primary attributes. Taking responsibility for insurance coverage, interest costs and entitlement to any income from the property all are considered indicators of ownership.
Resulting income taxes, therefore, are paid by that beneficial owner…
