Anyone who owns a vacation property will eventually face a tax bill when the property is sold or transferred, assuming its value has increased. You or your estate will owe tax on 50% of the capital gain, payable in the year of the sale or transfer.

However, the taxable amount isn’t simply based on the difference between the property’s current value and its original value when you purchased or inherited the cottage, cabin or chalet. The original value is the cost base, but the capital gain is determined by the adjusted cost base. You can add eligible upgrading costs to the original value, which reduces the capital gain and saves you tax.

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Are you a pet parent – whether to a furry friend, feathered companion or another beloved animal?  No matter if your companion is a cat, dog, bird, horse or exotic animal, it is important to have a plan in place to ensure they are cared for in the event you are no longer able to do so or upon your death. This is something every pet owner should read, to protect their special family member.

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It’s an age-old question. If you have surplus cash flow or receive a lump sum, such as a tax refund or annual bonus, are you better off making extra mortgage payments or investing the money?

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Life sometimes has its uncertainties. Major economic events, such as a deep recession, or personal challenges, such as job loss or divorce, can shake our financial stability.

Corporations and governments establish contingency plans to protect against unexpected calamities, but individuals can also put a plan in place. Here are three ways you can help safeguard your financial security.

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Whether markets are trending up or down, investors can benefit psychologically and financially by focusing on their time horizon.

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The Government of Canada has defined elder abuse as “any action by someone in a relationship of trust that results in harm or distress to an older person. 

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People who want to make a lasting impact in the charitable space, have a defined philanthropic vision and prefer to have greater control than a donor-advised fund (DAF) offers may choose to set up and make a major donation to a private charitable foundation. 

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Thanks to healthier living and medical advances, Canadians are living longer than ever before. The new longevity means planning for a retirement that may last 20, 25 or 30 years—perhaps even longer.

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Many young adults want to put money aside, but their cost of living prevents them from saving and investing.

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We expect Donald Trump in power to be, on balance, positive for U.S. markets. Trump also has 11 billionaires in his cabinet, whereas Biden’s cabinet had a combined net worth of $100M.

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Meeting numerous goals can be a challenge in itself, but you don’t need a long list of goals to face a dilemma. A younger millennial could be diligently saving for a down payment and wondering how important it is to also save for retirement right now.

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Interestingly, when stock markets reach new highs, different investors may react in opposite ways. Some investors are elated and want to make the most of a booming market. Others are fearful that what goes up must come down.

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A donor-advised fund (DAF) is a flexible charitable vehicle you can use to flow donations through to your favourite charities today and as part of your estate planning. However, the administrative burden and costs are much lower with a DAF.

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Even if you are a registered donor, there is no guarantee you will be one, but there is a chance you can save someone’s life and give them the opportunity to enjoy a better quality of life.

Remember that many people would not be alive today if it weren’t for all the families who, in the midst of their heartbreak, made the decide to donate organs and give the biggest gift of all.

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A previous blog—“Have you built charity and philanthropy into your estate plan?”—provided an overview of strategies to give to charity on death. Now, let’s delve more deeply into how you can plan for a direct gift to charity in your estate plan. Here are five ways to accomplish this:

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How much annual retirement income can you safely withdraw? Which source of savings should you access first? When should you start government benefits? What guidelines can you follow?

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Tax season is approaching, which means looking for credits and deductions to pay less tax wherever possible. However, other opportunities are available to save tax that may be implemented at any time during the year.

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If there’s one thing we can count on every January, it’s financial forecasts for the upcoming year. Whether online, in the business press, on television or on the radio, predictions abound on markets and the economy.

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