Author: Bloom Investment Counsel, Inc.
Canada does not have an “estate tax”, unlike some other jurisdictions such as the United States. However, you may not realize that there is a “deemed disposition tax” that applies at the time of your passing.
There are ways to structure your estate plan and/or your will so that this tax can be managed, enabling your beneficiaries to receive the maximum amount possible.
Purchases of second homes in Canada have been increasing over recent years with more than 10% of Canadians now owning a second home.
However, there are distinguishing criteria for your second real estate property to qualify as your second home rather than an income property which is a property used for the sole benefit of generating additional income such as a rental property.
Saving money is an important skill to learn, as it can help you achieve your financial goals and provide you with a sense of security. Remember, saving money takes time and effort. But with dedication and discipline, it is possible to build up your savings and achieve your financial goals.
Developing an investment plan can seem daunting at first, but it is an important step towards securing your financial future. Whether you are saving for your retirement, your child’s education, or another financial goal, a well-crafted investment plan can help you get there.