Ask MoneySense I’m trying to figure out whether I can claim renovation-related expenses — including property taxes, insurance, interest, utilities and rental loss — for an investment property I bought and renovated. I purchased a duplex that was occupied when I bought it but the tenants were removed once the sale completed so I could … Read more

Ask MoneySense My husband and I are struggling with the classic “do we pay down the mortgage or do we make minimum payments and put all of our extra money into investments” question. Our situation is a bit unique in that we are in our early 40s, have no consumer debt, one adult child, we … Read more

Owning a home can be a powerful way to build wealth, but it also carries ongoing costs: mortgage payments, property taxes, insurance, utilities and maintenance all add up. Before you commit, it’s important to understand how a home purchase will affect your finances and what you can realistically afford. Why trust us MoneySense is an … Read more

Ask MoneySense We live in Ontario, and with recent banking issues in the U.S. we’re worried about our savings and investments. Our money is split among three banks, mostly in GICs and high‑interest savings accounts. We know the Canada Deposit Insurance Corporation (CDIC) insures up to $100,000 per bank, but our TFSAs at one bank … Read more

Ask MoneySense I have a house I was renting in the past and now want to move into as my primary residence. Is there a length of time that I need to live in it to ensure capital gains will not apply on my death, or will capital gains apply based on the years it … Read more

We have two joint non-registered accounts set up, one for me and one for my wife. I’ve been tracking adjusted cost bases and combined we have about a $15k tax loss. I haven’t calculated those separately for each account. Should I decide to sell and take the loss, I would repurchase a similar security (sell … Read more

Many retirees hold the bulk of their savings in registered, tax-deferred accounts such as Registered Retirement Savings Plans (RRSPs). By law, RRSPs must either be used to purchase an annuity or converted into a Registered Retirement Income Fund (RRIF) by December 31 of the year the account holder turns 71. RRIFs require annual withdrawals beginning … Read more

Many Canadians choose to invest in the United States—both in stocks and real estate. Economically, Canada represents a small portion of global markets: as of May 31, 2021, Canada accounted for less than 3% of the MSCI All Country World Index, while U.S. stocks represented nearly 58%. Housing costs reflect a similar gap: the average … Read more

I want to help my 20-year-old daughter start investing in ETFs. For context, she’s in university and has $8,000 in her portfolio. How can I help her learn about the markets and get started?—Marv Teaching kids how to invest It’s commendable that you want to teach your daughter about investing, Marv. Before jumping in, remember … Read more

When most people hear “financial planning” they immediately think about saving and investing for retirement. While retirement savings are a key part of it, effective financial planning is far more comprehensive—especially for those approaching or already in their 70s. This guide outlines practical strategies for retirement income, tax efficiency, estate planning and investment management to … Read more