Live updates: Election results and balance of power in Congress – CNN + MORE Nov 9th

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The Triple Threat of a Triple Bottom Line Dec 19th

If you hadn’t noticed already, Canada’s workforce is changing. It’s expected that by 2030, nearly 30% of it will be made up of Gen Z employees—bringing to the office greater expectations for social good and the triple bottom line. Among mental health, climate change and other social issues i.... More »

Making sense of the markets this week: November 13, 2022 Nov 11th

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors. Cooling inflation leads to red-hot day for the markets Part of being neighbours with the most powerful country in the world is that.... More »

Tax Implications of Receiving a Cash Gift in Canada Jan 9th

When it comes to financial transactions with loved ones, many people consider giving or receiving cash gifts. This can be especially common when the gift-giver and recipient are located in different countries. In this article, we will focus on the specific topic of cash gifts from overseas to Canada.... More »

Property assessments jump as real estate market slows down - Victoria - Times Colonist Jan 4th

Property assessments jump as real estate market slows down - Victoria  Times ColonistProperty assessments on the rise  CBC VancouverAverage home values in Thompson-Okanagan continue steep rise - Kelowna News  Castanet.netOPINION: B.C. Realtor’s explanation how propert.... More »
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Don’t just be generous, be smart: Experts recommend a thought-out strategy for charitable donations + MORE Jan 2nd

Experts see payoffs in adding a properly advised strategy — acknowledging ‘your head, your heart and your wallet’ — into your financial plan..... More »
I would like to leave my grandchildren, aged two and four, money from my estate. But more importantly, I would like to leave my home to my grandchildren, valued at over $1 million. What is the best way to do that?  —Suniel

Can a minor own real estate?—and more estate questions

Thanks for writing in, Suniel. Leaving a gift to our minor-aged loved ones in our estate plans is a great way to provide for their futures. Let’s review what a minor-aged beneficiary is, who is responsible for the beneficiary, and how property can be gifted to them in a will or otherwise.

Technically speaking, what is a minor?

Depending on the province you are in, the age of majority is either 18 or 19 years of age. In Ontario, for example, a child is no longer considered a minor at 18 years old. When someone is under the age of majority in their province, they cannot enter into legal contracts, and a parent or guardian supports them until adulthood. 

In Ontario, when a minor-aged child is named as a beneficiary in a will or set to inherit under the Succession Law Reform Act when there is no will, then the executor, the person in charge of administering the estate, has to complete a few steps…

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Stock market news live updates: Stocks plummet after midterms as Wall Street turns eyes toward inflation data  Yahoo Canada FinanceMidterm uncertainty could be “kick-off to potential substantial gains’ for markets: Strategist  Yahoo FinanceWall Street drops after midterm election, CPI in focus  Financial PostOp-ed: The 2022 midterm elections matter less to stock markets than investors think  CNBCThe Midterms Resulted in a Red Ripple at Best. Uncertainty Prevails.  Barron’sView Full coverage on Google News

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My husband and I have a modest portfolio of just under $700,000—no company pension. My husband is 79, and I am 66. We have only taken the minimum out of our RRIFs—my husband’s amount has always been based on my age. Over the past few years we haven’t had to pay taxes, as I am self-employed part-time and work from our home. I have been able to write off a portion of our carrying costs.  

Shall we increase our RRIF payments while I am still working and since we are in a low/no tax bracket? Whatever we do not need, we would just reinvest into our TFSAs; we still have room. We would like to wind down our taxable investments in the most tax-efficient manner. Your thoughts?

—Carol 

Withdrawal strategies and taxes for Canadian retirees

This is a layered question involving income, retirement, self-employment and savings. Carol, without additional information I’m not able to give you a proper answer. So, instead, let me give you a few things to think about as you work through this yourself or with a financial planner…

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Live updates: Election results and balance of power in Congress  CNNGlobal National: Nov. 8, 2022 | A deeply divided America votes in midterms  Global News2022 midterms live updates: Latest election news from AP  Toronto StarU.S. midterm elections: When will we know who won?  ReutersDon’t Count on the Usual Post-Midterm Stock Rally  BloombergView Full coverage on Google News

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