Ask MoneySense My husband passed away last year and left our family cottage to myself and my three adult stepchildren. Right now, the deed is in my name only. If I transfer the deed to include all of us, will there be a tax implication? We also all own homes in the city. Should we … Read more

Canada’s economy managed modest growth in May, expanding by 0.2% as gains in manufacturing and public-sector activity offset weakness elsewhere. Statistics Canada reported that retail and wholesale trade, along with parts of the oil and gas sector, weighed on monthly growth, but the Trans Mountain pipeline expansion provided a notable lift that month. Statistics Canada … Read more

Got questions about capital gains tax and cottages? Here are three MoneySense reader questions answered by Certified Financial Planner Jason Heath. Capital gains and cottages questions How naming beneficiaries can affect taxes and probate Using renovations to lower capital gains tax Reducing capital gains on the sale of a cottage Tax, probate, and the family … Read more

More than half of Canadian households share their homes with a dog, a cat or both, which makes Canada a nation of devoted pet owners. Pets may tip over a favourite plant, shred a lampshade during a case of kitten energy, or occasionally miss the litter box, but they repay us with loyalty, laughter and … Read more

This past June, RBC reported that home resales fell sharply in several of Canada’s largest markets compared with June 2023: Calgary (-13%), Toronto (-16%), Vancouver (-19%) and the Fraser Valley in British Columbia (-32%). While each city’s market has its own characteristics, the largest markets have been among the hardest hit. For example, the Toronto … Read more

Ask MoneySense I’ve been managing my own accounts, and I’m 84 years old. My children think I should hand everything over to a financial planner who invests in mutual funds. They say the planner will cost at least $35,000 a year. Should I withdraw the money and invest it myself in ETFs? —Laasya When should … Read more

Many Canadians say they’ve changed the way they shop for groceries in recent years, driven largely by high inflation and, for some, a growing unease with large national chains. Shoppers report being more deliberate about what they buy, comparing prices and planning trips around store flyers and promotions. “We’ve really cut back on impulse buys. … Read more

Michael McCullough is a contributing editor to MoneySense and a financial writer and editor in Duncan, B.C. Biden’s withdrawal soothes bond market, deflates “Trump trade” U.S. President Joe Biden’s announcement that he will not seek a second term surprised the political world, yet markets reacted with a degree of calm. On the surface, equities and … Read more

Are you anxious about an upcoming mortgage renewal? A survey from real estate brokerage Zolo found that only 3% of homeowners never worry about affording their mortgage at renewal, while 79% say they worry sometimes, often or all the time. The good news is you typically have choices: you can renew with your current lender … Read more

Success begins with small daily habits—one of the most powerful, says Hina Khan, is waking up early. A Peak Performance Mindset Coach and former psychotherapist, Khan helps clients reprogram their subconscious minds to reach and surpass their goals. A graduate of the Centre for Training in Psychotherapy in Toronto and ranked among the top 1% … Read more