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Moving money from RRSPs, RRIFs and TFSAs in retirement Jan 13th
Ask MoneySense
My husband and I are retired with $200,000 in our TFSAs, $230,000 in our RRSPs and RRIFs, and we have an emergency fund. Our household income is $85,000 a year.
My husband may need nursing home care at some point, so I have been moving assets from the RRSPs to our TFSAs for flexibi.... More »
Capital gains taxes explained
– moneysense.ca
Capital gains can be an afterthought after selling your home, or any property, stocks or shares. But it sure comes up around tax time.
What are capital gains?
You have a capital gain when you have sold, what the Canada Revenue Agency deems “capital property” (including securities in the form of shares and stocks as well as real estate, like a cottage) for more than you paid for it (called the adjusted cost base) less any legitimate expenses associated with its sale.
How are capital gains taxed?
Contrary to popular belief, capital gains are not taxed at your marginal tax rate. Only half (50%) of the capital gain on any given sale is taxed all at your marginal tax rate (which varies by province). On a capital gain of $50,000 for instance, only half of that, or $25,000, would be taxable. For a Canadian in a 33% tax bracket for example, a $25,000 taxable capital gain would result in $8,250 taxes owing. The remaining $41,750 is the investors’ to keep. (There are rumours that the rates capital gains taxes may change due to the COVID pandemic…
