What are the taxes on transferring real estate to your kids?
July 20, 2022
Joan and her partner own the condo her son lives in, but they want to transfer ownership to him. What are the tax implications?
Joan and her partner own the condo her son lives in, but they want to transfer ownership to him. What are the tax implications?
How you interact with people can say a lot about your relationship with money.
Running to the sidelines in today’s market environment could result in significantly lower long-term returns
Naming a beneficiary of a life insurance policy provides a significant benefit in planning and protecting one’s estate. With a named beneficiary, the death benefit is paid directly to the beneficiary and is received tax-free.
Most Canadians eventually get around to estate planning and putting their financial affairs in order – even if that often occurs later in life than it should.
Tax-free savings accounts are a relatively recent addition to Canadians’ financial tool kit. They may be not as well known – or understood – as other investment tools, but TFSAs offer an easy way for Canadians to accumulate wealth and plan for their financial goals.
Do your estate planning when you are in good health and can devote the necessary time and energy to it.
Saving for a happy, comfortable retirement is one of the most common goals of personal financial planning for Canadians. A clear understanding of how RRSPs works, tips for picking the savings plan that works for you, and some common terms will help relieve the strain and set you up for success.
If you died suddenly, would your partner know where your will and insurance policy are, where you bank and where your investments are? What about more mundane things like who services the furnace in your home and who your plumber is?
This is how a TFSA gets distributed in the event of a death, plus, info on making sure it is not subject to probate.
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