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...
The MoneySense editorial team selects the best credit cards by assessing the value they provide to newcomers across various categories. Our best credit cards for newcomers ranking is based on an extensive list of features, including credit history requirements, interest rates, welcome offers, and perks...
I try to picture 84-year-old me being told by my kids that it is time to hire a financial planner. I may not be so keen myself when the time comes. Maybe I should bookmark this column. I took over the management of...
This is good news for aspiring condo buyers, who now have larger inventories to choose from. But it’s trouble for those trying to sell their condo, who may have to either significantly reduce their asking price or, in a worst-case scenario, delist...
The joys of these animal companions, however, don’t come cheap: pet care costs have increased 6% to 8% annually over the past few years. On average, dog owners spend between $965 and $4,020 per year on their pup, while cat owners have...