Earlier this year, the HBP got a significant makeover. Here’s what’s new about the HBP, plus how you can use it together with other savings tools: a first home savings account (FHSA), a tax-free savings account (TFSA) and—recently introduced in Canada—EQ Bank’s...
If a trust account is funded by a parent or grandparent, the income attribution rules may apply such that income is taxable back to the parent or grandparent. To be clear, income in this context is considered interest and dividends. Capital gains,...
In July, after several years of prioritizing debt repayment, Cenovus reached its debt reduction target—bringing its total net debt to $4.0 billion. The milestone means Cenovus will no longer be regularly directing a portion of its cash flow towards its balance sheet,...
Are GIC rates going up in Canada? At the start of 2022, GIC rates were just starting to rise but were still less than 3%. The reason they are so much higher now is worth considering. The Consumer Price Index (CPI) rose by...
Assuming you have another home that you live in, Charles, there will be tax implications from the sale of one of your two properties. You can actually claim the principal residence exemption for your cottage, making the sale tax-free without limits. But...
You could consider changing ownership from “tenants in common” to “joint tenants” if you both wanted the property to go to each other on death, although your son may have other beneficiaries, like a spouse or his children, who he wants his...
Statistics Canada’s gross domestic product report on Wednesday said retail and wholesale trade as well as the oil and gas sector weighed on growth. However, it highlighted the Trans Mountain pipeline expansion’s contribution to economic growth that month. “The crude oil and other pipeline...
You mention that the cottage deed is in your name only right now. That suggests that it was either in your name all along or that the cottage was owned jointly with your husband with right of survivorship. I suspect it was...
All the while, you’ve got a serious case of FOMO every time you check social media—all those friends who are jetting off on lavish vacations, buying new cars and splurging on cottages. How are ordinary Canadians actually doing this? And how can...
The Canadian federal government eliminated the accumulation of interest on Canada Student Loans, as of April 1, 2023, but you must still pay any interest accrued before then. Some provinces and territories—Alberta, Saskatchewan, Ontario, Quebec, Nunavut and the Northwest Territories—charge interest on...
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