Not sure how to make a retirement plan? Read on…
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Registered vs unregistered accounts: Where retirees should make withdrawals + MORE May 25th
Ask MoneySense
We are in the age bracket where we need to take RRIF withdrawals every year. I am 81, and my husband is 82. We also have an unregistered account. We need to withdraw additional money to pay our expenses. We have already taken the mandatory withdrawal for this year from our RRIF. .... More »
Piper makes a good buck as a lawyer but still has piles of school debt. Is her dream of owning a downtown Toronto condo realistic? + MORE Jan 25th
Financial adviser Jason Heath says Piper needs to get her debt and expenses under control before even thinking about home ownership and retirement.... More »
More Canadians are pressing pause on retirement savings to pay for things now. Just how long should you do that? The answer may surprise you + MORE Jun 1st
Be aware of the setbacks of putting saving for the future on the back burner in the face of high inflation, experts caution..... More »
5 reasons to buy life insurance—right now Aug 24th
If you’re working to improve your financial situation, a few strategies may come to mind: paying down debt, building an emergency fund, investing inside a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP), or putting your money in other savings vehicles. These are all .... More »
RRIF and LIF withdrawal rates: Everything you need to know Mar 7th
At some point, a registered retirement savings plan (RRSP) is typically converted to a registered retirement income fund (RRIF). The latest you can defer the conversion of your account is the end of the year you turn 71. This means that by December 31 of your 71st year, you need to either withdraw t.... More »
Could selling a vacation property affect government pensions?
– moneysense.ca
Q. I was wondering what would happen if I sold my mobile home this year for $100,000. Currently, I receive Canada Pension Plan, Old Age Security and Guaranteed Income Supplement benefits totalling about $1,800 a month. Would the sale affect my pensions?
–Colleen
A. When you sell what is known as “capital property,” you may have a taxable capital gain or loss, Colleen. Capital property includes real estate assets like a rental property, cottage or trailer. It can also include stocks, bonds, mutual funds, exchange-traded funds (ETFs) or other investments held in a taxable investment account.
A capital gain occurs when your sale proceeds exceed your purchase price or adjusted cost base. The cost of selling can reduce your sale proceeds, and acquisition or other costs can increase your adjusted cost base. In the case of real estate, common adjustments to your cost base include renovations.
Your trailer may be eligible to designate as your principal residence, and this may avoid taxation, as a principal residence is exempt from capital gains tax…
–Colleen
A. When you sell what is known as “capital property,” you may have a taxable capital gain or loss, Colleen. Capital property includes real estate assets like a rental property, cottage or trailer. It can also include stocks, bonds, mutual funds, exchange-traded funds (ETFs) or other investments held in a taxable investment account.
A capital gain occurs when your sale proceeds exceed your purchase price or adjusted cost base. The cost of selling can reduce your sale proceeds, and acquisition or other costs can increase your adjusted cost base. In the case of real estate, common adjustments to your cost base include renovations.
Your trailer may be eligible to designate as your principal residence, and this may avoid taxation, as a principal residence is exempt from capital gains tax…
