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Latest News
Pandemic living is driving some Canadians to save money — and many are coming out ahead Oct 4th
Quick to point out they’re among “the lucky” ones, those who’ve continued to earn a decent income during COVID-19 are seeing their wealth grow and investing in their futures..... More »
Social media influencers Andrew and Tristan Tate arrested in Miami, US Marshals Service tells AP Jul 18th
Influencer brothers Andrew and Tristan Tate, whose social media empire promoting wealth, male dominance and misogyny has made them among the world’s most polarizing internet personalities, were arrested Saturday in Miami as British authorities sought their extradition on rape and….... More »
How do mortgage brokers get paid? Feb 17th
Q. Is it typical to pay a mortgage broker fee in advance, and before closing?
My broker is saying that I have to pay cash one week before closing, and that he will pay other persons who are involved. I am confused as to why brokers payment in advance and in cash.
–Adil
A. A mortgage broker can obt.... More »
How to model retirement income in Canada + MORE Feb 13th
Ask MoneySense
I am retired early at 58 years old. My wife is 56 years old. We live on a Christmas tree farm, which was paid for years ago.
I have a work pension, and my wife was bought out for her pension.
We have considerable RRSPs, farm income, and farm property. Where do w.... More »
How to consolidate your registered accounts for retirement income in Canada Oct 1st
Ask MoneySense
My wife has an RRSP in her name and a spousal RRSP in her name, plus a small LIRA. She will be turning 71 next year.
My question is: Can she open a RRIF account and contribute both of her RRSPs plus the LIRA amount into one single RRIF account without incurring any taxable conseque.... More »
“Records of my stock purchase have disappeared. What now?”
– moneysense.ca
Q. I purchased a stock 15-plus years ago on the TSX Venture Exchange, through a brokerage firm. That firm changed company names multiple times since the purchase. When I went to sell the deadbeat stock last fall, the fourth or fifth incarnation of the company had no records of my purchase and told me to look in my records. Many moves and a flood later, I do not have those records.
I suffered a loss in the particular stock and would like to apply it to gains this year, but I have no documentation of the transactions. I have emailed a few different folks at the TSX but no one has responded. How can I get a complete history of my stock transactions on this exchange? The stock was held in a non-registered account.
–Tonya
A. Even though brokerage firms should keep accurate records of stock purchases, sales, reinvested dividends and stock splits, it is important to note the fine print. Statements and transaction reports, including those sent out to summarize annual capital gains and losses for tax purposes, often state that book values may not be accurate…
I suffered a loss in the particular stock and would like to apply it to gains this year, but I have no documentation of the transactions. I have emailed a few different folks at the TSX but no one has responded. How can I get a complete history of my stock transactions on this exchange? The stock was held in a non-registered account.
–Tonya
A. Even though brokerage firms should keep accurate records of stock purchases, sales, reinvested dividends and stock splits, it is important to note the fine print. Statements and transaction reports, including those sent out to summarize annual capital gains and losses for tax purposes, often state that book values may not be accurate…
Q. I bought a home in Fort McMurray, Alta., for $413,000 in 2007. Five years later, in 2012, I moved out and started renting the property, and it has remained an income property since then.
With the decline in oil prices, the town of Fort McMurray has seen real estate losing value like crazy. After 12 years of paying the mortgage, I am now underwater. The rent I’m currently able to charge does not cover all of my expenses; in 2018, I received $15,000 in rental income and had $19,000 in expenses, excluding payments on the mortgage principal. I owe $282,000 on the mortgage, at 3.4% fixed interest; it comes up for renewal in 2024. If I were to sell, the estimated price as of Nov 16, 2019, is $150,000 to $180,000. (Yes, I know it is bad!)
As you can see, I’m in a black hole and I don’t know what to do about it. I am not receiving any positive income and the property value has dropped each year that I’ve held it. I want to sell, but don’t have enough savings to cover the gap between the expected sale price and what I owe on the mortgage…
With the decline in oil prices, the town of Fort McMurray has seen real estate losing value like crazy. After 12 years of paying the mortgage, I am now underwater. The rent I’m currently able to charge does not cover all of my expenses; in 2018, I received $15,000 in rental income and had $19,000 in expenses, excluding payments on the mortgage principal. I owe $282,000 on the mortgage, at 3.4% fixed interest; it comes up for renewal in 2024. If I were to sell, the estimated price as of Nov 16, 2019, is $150,000 to $180,000. (Yes, I know it is bad!)
As you can see, I’m in a black hole and I don’t know what to do about it. I am not receiving any positive income and the property value has dropped each year that I’ve held it. I want to sell, but don’t have enough savings to cover the gap between the expected sale price and what I owe on the mortgage…
