The new Canadian Mortgage Charter explained – CBC News + MORE Nov 23rd

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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The best balance transfer credit cards in Canada for 2024 + MORE Mar 1st

Spend The best balance transfer credit cards in Canada for 2024 Moving your credit card debt to a balance transfer card can help you pay off the debt more quickly by paying little or no interest. Compare now &l.... More »

Sierra Space making IPO plans as it unveils Dream Chaser spaceplane - National Post + MORE Feb 2nd

Sierra Space making IPO plans as it unveils Dream Chaser spaceplane  National PostShake, rattle and launch: Dream Chaser spaceplane passes vibration test  Phys.orgNASA, Sierra Space Invite Media to See Spaceplane for Cargo Missions  NASA.... More »

What is a market-linked GIC? Nov 27th

If you’ve been checking out GICs lately, it’s likely because of the record gains from recent interest rate hikes. Interest rates for guaranteed investment certificates have steadily increased as the Bank of Canada (BoC) has raised its benchmark rate over the past year and a half. At some financi.... More »

Senior cardinal convicted of embezzlement in historic Vatican fraud trial - Al Jazeera English Dec 16th

Senior cardinal convicted of embezzlement in historic Vatican fraud trial  Al Jazeera EnglishVatican’s ‘trial of the century’ sees cardinal given five-and-a-half-year jail sentence  CNNSenior cardinal found guilty of embezzlement in Vatican corruption trial  CBC.c.... More »

Should retirees consider a home equity sharing agreement (HESA)? Jan 30th

Toronto-based Clay Financial recently began accepting applications for a new home equity product called a home equity sharing agreement, or HESA—not to be confused with the HISA, which stands for high-interest savings account. Clay raised seed funding in 2023 and is initially launching the prod.... More »

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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

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The new Canadian Mortgage Charter explained  CBC NewsWhen people are worried about job security they don’t buy a new house: mortgage broker  BNN BloombergCanada has a new measure to help homeowners pay their mortgages. Here’s what you need to know  NOW TorontoNot all mortgage-holders will benefit from new federal proposal: personal finance expert  CBC VancouverWhat is the Canadian Mortgage Charter? Everything you need to know about the country’s new housing initiative  The Globe and MailView Full Coverage on Google News

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Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

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A second property may be a lifestyle choice, like a vacation home. Or, it might be an investment decision, in the form of a rental property. And in some cases, it’s both. But there are significant tax differences between a primary residence and a second property, so before you start shopping for more real estate, make sure you know what taxes to expect.

Primary residences vs. secondary properties

The tax treatment of real estate in Canada depends on its use. The home you live in—your primary residence—is normally exempt from capital gains tax upon sale due to the primary residence exemption.

This exemption can even be used on vacation properties, so long as it is “ordinarily inhabited.” While the definition of “ordinarily inhabited” is vague, it means at a minimum you spent time living there during a calendar year. And while there’s an exception for years in which you move and own two homes, you can otherwise only declare one property as your primary residence at any given time…

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