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Cottage sale tax tips

How to cut the capital gains tax hit Thinking about selling the cottage, cabin, or lakeside getaway? Plenty of people are, especially those of the Baby Boom generation who are finding that maintaining two properties is increasingly time-consuming, tiresome, and...

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Steps to successful estate planning

Peace of mind in the pandemic year Financial planning is all about preparing for the future. That covers a lot of ground, of course, from retirement planning to estate planning. Even in the best of times, it’s prudent to have a solid estate plan in place, so that...

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Getting set for RESP withdrawals

Time to pay the post-secondary piper Around about this time of year, the great Canadian university hunt gets into full swing. Universities make the rounds at high schools and fairs, looking to entice students to their schools. Students and parents make the rounds,...

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How to get tax-free money in 2020

These plans will help you create tax-free dollars If your New Year’s financial resolutions have already evaporated, despite your best intentions, you might try just one more: create tax-free dollars. There’s no special magic involved here. Nor is there any...

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Year-end money management strategies

These tax and investment tips could save you a bundle Year-end is fast approaching, and with the holiday season getting into full swing, you probably won’t want to think about investments and taxes. Still, there are a few tax and investment moves you could make...

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Cottage tax traps

Getting away from it all with the CRA Cottages and cabins in the woods or by the lake are an iconic Canadian getaway. Most owners of recreational property happily deal with maintenance issues for the chance of that glorious sunset, water-skiing, or a dip in the...

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When the CRA comes calling

Refunds and reassessments Around this time of the year, most taxpayers who filed a tax return in April will be receiving a Notice of Assessment, perhaps with a refund cheque, or what’s worse, a Notice of Reassessment, often with a demand for more tax payment. It’s...

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Year-end tax and investment planning tips

They could save you a bundle Even though most of us are preoccupied with other things at this time of year, there is a handful of year-end investment and tax tips that make a lot of sense to look at now. That’s because they could save you money now and next April,...

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How to cut the cottage-sale tax bill

The ABCs of the ACB Thinking of selling your cottage, cabin, or recreational property? Unless it’s truly your principal residence, the Canada Revenue Agency (CRA) will want its share of any capital gain you make on the sale. It calculates the capital gain as the...