The tax implications of transferring a stock between spouses + MORE May 9th

My wife and I are joint owners WROS (with right of survivorship) of a stock we have owned for many years. If the ownership of the stock is changed to just her name, individually, no death involved, does her cost basis of the shares remain the same as it was when it was in our joint names?—Joe

Transferring stock to a spouse: legal and beneficial ownership

When taxpayers own an asset, they may need to consider the difference between legal and beneficial ownership. When an asset is in someone’s name, they may have legal ownership of the asset, but that does not necessarily mean they have beneficial ownership. Beneficial ownership is based on who the true owner of the asset is, including for income tax purposes. 

If you and your wife contributed equally to the original purchase of the stock, Joe, you may both be legal and beneficial owners. If only one of you contributed to its purchase but you simply opted for joint ownership originally, one of you may be the true beneficial owner…

In April, in response to Canada’s white-hot housing market, the federal government introduced the tax-free first home savings account (FHSA). The FHSA is a new kind of registered account aimed at easing the path of first-time home buyers to securing a mortgage at a time when average Canadian home prices sit at around $800,000. So, how exactly does this account work? More importantly, how can first-time home buyers leverage the FHSA to its fullest extent? 

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quoteI’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

Not all of the details surrounding FHSAs have been ironed out yet. The federal government plans to release more information in the near future, as it works with financial institutions to make the accounts available to the public next year. However, based on the info revealed in the 2022 budget, here’s what you need to know…

According to the Canadian Anti-Fraud Centre, the top three frauds based on 2021 reports were identity fraud, extortion and personal information being stolen.