The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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Could selling a vacation property affect government pensions?
– moneysense.ca
Q. I was wondering what would happen if I sold my mobile home this year for $100,000. Currently, I receive Canada Pension Plan, Old Age Security and Guaranteed Income Supplement benefits totalling about $1,800 a month. Would the sale affect my pensions?
–Colleen
A. When you sell what is known as “capital property,” you may have a taxable capital gain or loss, Colleen. Capital property includes real estate assets like a rental property, cottage or trailer. It can also include stocks, bonds, mutual funds, exchange-traded funds (ETFs) or other investments held in a taxable investment account.
A capital gain occurs when your sale proceeds exceed your purchase price or adjusted cost base. The cost of selling can reduce your sale proceeds, and acquisition or other costs can increase your adjusted cost base. In the case of real estate, common adjustments to your cost base include renovations.
Your trailer may be eligible to designate as your principal residence, and this may avoid taxation, as a principal residence is exempt from capital gains tax…
–Colleen
A. When you sell what is known as “capital property,” you may have a taxable capital gain or loss, Colleen. Capital property includes real estate assets like a rental property, cottage or trailer. It can also include stocks, bonds, mutual funds, exchange-traded funds (ETFs) or other investments held in a taxable investment account.
A capital gain occurs when your sale proceeds exceed your purchase price or adjusted cost base. The cost of selling can reduce your sale proceeds, and acquisition or other costs can increase your adjusted cost base. In the case of real estate, common adjustments to your cost base include renovations.
Your trailer may be eligible to designate as your principal residence, and this may avoid taxation, as a principal residence is exempt from capital gains tax…
