When does the “plus 1” rule apply to a principal residence?  + MORE Jan 23rd

There are more investment options in Canada than you can shake a stick at! Stay on top of the best returns right here.
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Food App Couriers Rely on Tips—but Customers Are No Longer Feeling Generous + MORE Aug 23rd

Food-app delivery workers are becoming more and more frustrated with the tips they are receiving from customers. On social media, people who work for apps like Uber Eats, Skip the Dishes and DoorDash are posting videos of their daily earnings, revealing they can make as little as $3 per order—that.... 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 »

What to do if you went over your RRSP contribution limit Jun 19th

Ask MoneySense I overcontributed to my RRSP by accident, and I am looking for some advice on how to deal with it. I contributed $3,550 to my 2022 RRSP in October 2022. I then forgot I made this contribution and again in February 2023 I made a $3,550 contribution. What options to I have to address.... More »
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Contributing to your grandchild’s RESPs: What grandparents need to know + MORE Dec 1st

You’ve likely heard the saying “It takes a village to raise a child.” Well, with the cost of college and university tuition rising every year, it just might take a village to pay for post-secondary education, too. That’s where grandparents can help with registered education savings plans (RE.... More »

'Never fully comfortable': Maple Leafs' Kerfoot and the trade he dodged - Sportsnet.ca Mar 4th

'Never fully comfortable': Maple Leafs' Kerfoot and the trade he dodged  Sportsnet.caLeafs GM Kyle Dubas: ‘This is the year we have to put it all together’  Toronto StarVictory or death should always be the Toronto Maple Leafs' objective at the NHL trade deadline  T.... More »
If I am willed a house and prefer to sell my primary residence to move into the inherited house, do I pay capital tax on the sale of my house?Is it better to be on title of the house I will inherit, even though I own another house, or leave it as an inherited house only to save taxes?—Doris

Tax implications of inheriting a second property

When someone dies owning real estate, there may or may not be tax payable. Death results in a deemed disposition, as if you sold all of your assets the day you die. If the real estate qualified as the principal residence of the deceased for all years they owned it, it would be tax-free to their estate. If some or all of the capital gain is taxable, their estate would pay tax accordingly on the final tax return of the owner.

When you receive an inheritance, Doris, it is tax-free to you as a beneficiary. The fair market value of a capital asset like real estate at the time you inherit it becomes your cost base for capital gains tax purposes.

Say, for example, you kept the inherited house and used it as a rental property, renting it to tenants…

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Book review: The Intelligent Fund Investor by Joe WigginsWow! I just finished Joe Wiggins’ new book, The Intelligent Fund Investor (Harriman House, November 2022). What a great read—I’d recommend it for both DIY and professional investors. There’s no fluff, and I comfortably read through every chapter, right to the end—something I don’t always do.

What makes fund investors intelligent?

Author Joe Wiggins

As the book’s title suggests, this is about fund investing, which includes exchange-traded funds (ETFs). And Wiggins sets out to answer the question: “What does it take to be an intelligent fund investor?”

All you need is a sound set of beliefs supported by evidence and the ability to manage your own behaviour, he writes. And that’s it. Possessing those two elements will position you for a successful investment experience. 

Using evidence and entertaining anecdotes, Wiggins justifies his position through 10 compelling chapters. Here are their titles below. As you read them, I encourage you to reflect upon your investment experiences and consider how each chapter may relate to you…

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