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Saving money is no joke for Kathy Griffin
– moneysense.ca
(Illustration by Lauren Tamaki)The credo I live by is, if you can’t afford to buy something, don’t buy it. The super-wealthy people I know don’t care about appearances; they couldn’t care less about having an emblem on a handbag or making it rain in the club. I even have an iPod in my car that is the original iPod. I just don’t have a reason to throw it away because it still works.
I have spent a lot of money on only two things in my life—a home and a nice car. I like fashion but I know it loses value the minute you buy it. When I do shop I try to buy the most practical things that won’t go out of style in two seconds. For instance, I have a Fendi jacket that’s 15 years old. I got an alteration done on the sleeve and friends ask me when I got my new jacket. “15 years ago!” I say.
The best investment I ever made is the money I’ve spent taking care of my parents. It makes me feel good that I can take care of my mom and, until he passed away, my dad. I got them a condo and a car to make them more comfortable…
Fairfax unit sells more shares in Bank of Ireland
– theglobeandmail.com
Can I claim reno costs spent on an investment property?
– moneysense.ca
Q: My mother purchased a house three years ago with the intention that my uncle would remodel it and that my sister would live in it while attending college. But before any real work could be completed, my uncle skipped town. My sister never moved in. The house has been vacant ever since. Recently, I moved back to Ontario and I’ve been working on the house part-time. My aim is to get it into good enough condition to sell. What I’d like to know is if the renovation expenses can be used as a deduction on the capital gains taxes that will be owed once the house sells? What line on the income tax form do claim these expenses?
— Reduce the taxes owed, Peterborough, Ont.
Ayana Forward is a certified financial planner in Ottawa:
Any renovations that qualify as capital expenses can be added to your adjusted cost base (ACB) and used to reduce your capital gain.
Capital gains are calculated in the real estate section of Schedule 3 of your income tax return…
