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ARTICLES OF INTEREST

Fall into Autumn Savings

By Carla Hindman, Director of Financial Education, Visa Canada

Fall is officially here. With the new season comes new reasons to spend money, including increased utility bills, winter wardrobes and upcoming holiday purchases. Here are some tips to help you fall into savings this season.

Winter proof your home: A little TLC during the fall season can go a long way towards saving on winter utility bills. Improve your home’s insulation factor by caulking or using weather-stripping on windows and doors, and consider cleaning out your gutters to help with drainage. Cleaning or changing your furnace filter and checking into any needed roof repairs are two frugal, essential habits to help prepare for the winter months. Looking for other cost-effective alternatives? Switch to energy efficient lightbulbs. They may cost more initially, but they’ll save you money in the long run. Read more »

How to prepare your finances for maternity leave

By Helen Burnett-Nichols

Expecting your first baby? By all means get the nursery ready — but make sure you put your financial house in order, too.

Preparing for a baby is a time full of celebration, showers and shopping, but the arrival of a little one brings not only added expense for your family but also a noticeable drop in income for many new families. Read more »

Estate Planning Tips for Real Estate Investors

For many Canadians, the majority of their wealth is held in personally owned real estate. For most this will be limited to their principal residence, however, investment in recreational and real estate investment property also forms a substantial part of some estates. Due to the nature of real estate, it is important to utilize estate planning to realize optimum gain and minimize tax implications.

Key Considerations for Real Estate Investment

  • Real estate is not a qualifying investment for the purposes of the Lifetime Capital Gains Exemption.
  • Leaving taxable property to a spouse through a spousal rollover in the will defers the tax until the spouse sells the property or dies.
  • Apart from the principal residence, real estate often creates a need for liquidity due to capital gains, estate equalization, mortgage repayment or other considerations.
  • Professional advice is often required to select the most advantageous ownership structure (i.e. personal, trust, holding company).

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