All about Canadian investments. Learn the ins and outs and get the latest news.
Latest News
Facebook to rebrand as a metaverse company. What is that? - CBC.ca Oct 24th
Facebook to rebrand as a metaverse company. What is that? CBC.caEXPLAINER: What the metaverse is and how it will work Yahoo NewsFacebook Reports Earnings Monday. Snap Earnings Weren't a Great Sign. Barron'sOpinion: A Facebook rebrand could be a huge risk T.... More »
Kim Kardashian’s Work Advice for Women Is Out of Touch and Insulting Mar 12th
When Kim Kardashian recently told Variety that her advice to women on how to succeed was, “get your fucking ass up and work,” it was an affront to everyday, hard-working people—particularly the ones that make up her massive audience. Despite the Kardashians’ insistence that their ballooning .... More »
The after-effect of market lows: a drop in fixed mortgage rates Aug 7th
When markets drop like they did on Monday, you may not immediately think of the impact on mortgage rates. We’ve been relying on the Bank of Canada to nudge rates lower, namely for variable mortgages. But fixed mortgages got a news headline-worthy update today, thanks to bonds, which are reacting t.... More »
5 things to know before the stock market opens Thursday - CNBC Oct 19th
5 things to know before the stock market opens Thursday CNBCThe close: Stocks sharply lower as bond yields rise again, investors assess earnings The Globe and MailStocks Close Lower on Heightened Geopolitical Risks and Soaring Bond Yields BarchartWhy Are Stocks Down .... More »
North American stock markets continue record runs after last week's economic gains - Business News - Castanet.net + MORE Nov 8th
North American stock markets continue record runs after last week's economic gains - Business News Castanet.netTSX Today: Top Canadian Stocks to Watch on Monday, November 8 The Motley Fool CanadaNorth American stock markets continue record runs after last week's economic gains&.... More »
Managing tax in a “tenancy in common” situation
– moneysense.ca
Q. I am a co-owner of a cottage in Ontario. The other co-owner would like to buy out my 50% share of the cottage as tenant in common. Do I have to claim capital gains if the cottage isn’t being sold?
–Claudia
A. Real estate is commonly owned as joint tenants, with rights of survivorship by spouses. However, tenancy in common is another ownership option that can be suitable for certain situations.
As an example, when siblings, friends or common-law spouses own real estate, they may not want their share to go to the survivor if they die. If they own the property as tenants in common, their respective shares can go to their respective estate if they die, and can be divided among their beneficiaries rather than going to the surviving co-owner.
You ask about whether you need to claim capital gains given the property is not being sold, Claudia. However, you are selling it—just not to a third party. You are legally selling your share to the co-owner.
Even if you were to transfer your share to the co-owner without money changing hands, as one might do with a child to transfer the family cottage to them, that will not avoid a deemed disposition or sale with the sale price based on the fair market value…
–Claudia
A. Real estate is commonly owned as joint tenants, with rights of survivorship by spouses. However, tenancy in common is another ownership option that can be suitable for certain situations.
As an example, when siblings, friends or common-law spouses own real estate, they may not want their share to go to the survivor if they die. If they own the property as tenants in common, their respective shares can go to their respective estate if they die, and can be divided among their beneficiaries rather than going to the surviving co-owner.
You ask about whether you need to claim capital gains given the property is not being sold, Claudia. However, you are selling it—just not to a third party. You are legally selling your share to the co-owner.
Even if you were to transfer your share to the co-owner without money changing hands, as one might do with a child to transfer the family cottage to them, that will not avoid a deemed disposition or sale with the sale price based on the fair market value…
