Could selling a vacation property affect government pensions? Sep 7th

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 retirement planning

Timing the withdrawal of RRSP savings to minimize your tax hit + MORE Sep 14th

Q. I’ve been fully retired since 2018, and living only on government pension (QPP, OAS and GIS). I have some RRSP and TFSA investments, and would like some help with determining when I should start withdrawing funds—and whether I will need to pay tax. I’ll be turning 71 in December 202.... More »
 retirement planning

The scoop: What Canadian investors need to know now + MORE Sep 21st

For those who like surprises, the stock markets have not disappointed in 2020. The S&P 500 surged to new heights despite the economy-clenching COVID-19 pandemic powering around the globe, and individual investors’ participation in trading reached a 10-year high during the first half of this ye.... More »
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?
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…

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