If someone owns a second property, what can they deduct? Can they deduct the cost of purchasing or renovations?—Nicole The types of expenses you can deduct for a second property If you own a second property and use it to generate income — for example, by renting it out — many of the costs you … Read more

I own a 2002 Volkswagen Beetle with just 112,000 km on the odometer. The catalytic converter has rusted through and must be replaced (it wasn’t stolen). Volkswagen’s original part is about $3,000 while a reputable aftermarket unit, such as Walker, costs roughly $500. What rules govern catalytic converter replacement, and what should I consider when … Read more

Most people expect to live a long life, and for the majority that’s true. However, if you have dependents, securing their financial future with life insurance is a sensible step—especially if you’re young and healthy. Your age has a major influence on the kind of policy you should choose and how much you’ll pay in … Read more

What should I expect from the Canada Revenue Agency if I sold my $2‑million property to one of my three farming sons for $1 to avoid paying capital gains tax? I bought the land myself in 1968 for $2, and I sold it in 2022 for $1. I have used the land for hay and … Read more

One of the primary tax advantages of owning real estate in Canada is the principal residence exemption, which allows an individual homeowner to shelter unlimited capital gains on the portion of a property’s appreciation attributable to personal use. There are important exceptions: for example, land exceeding half a hectare (about 1.24 acres) generally jeopardizes the … Read more

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, reviews this week’s top stories and explains what they mean for Canadian investors. Is beating the bank easier than fighting the Fed? Canada’s central bank — the Bank of Canada (BoC) — operates in a world heavily influenced by the U.S. … Read more

Pretty much every Canadian has a bank account. So it makes sense to ensure that you have the best savings account for you (and chequing too) by shopping around. If you’ve decided to move on from your current bank, it’s important to close your old account carefully so nothing gets lost in the transition—overdraft fees, … Read more

Canadian home prices are falling while borrowing costs are rising rapidly. For prospective buyers, this creates a tug-of-war between lower prices and higher mortgage costs: will the market correction make home ownership more affordable, or will rising interest rates negate those gains? Overall, modest improvement in affordability is possible, but significant gains are unlikely. To … Read more

Is there a better time of the year to retire based on tax implications: December 31 versus June 30 versus January 30? —Laf The best date to retire for tax purposes For most Canadians, the decision about when to stop working is driven more by lifestyle, health and personal plans than by taxes. That said, … Read more

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, summarizes the week’s top financial headlines and offers context for Canadian investors. Profit margins poised to “fill” for Couche-Tard, plus banking updates Alimentation Couche-Tard (ATD/TSX), Canada’s leading fuel retailer, reported mixed results this week. On the positive side, net earnings rose … Read more