Garry Marr: Why Selling Your 'Used' Home Is Harder than Ever
Ontario and Ottawa have introduced a temporary HST rebate that eliminates the tax on new homes up to $1 million, translating to roughly $95,000 in savings per unit. The incentive comes as the Greater Toronto and Hamilton Area saw condo sales plunge 52% in Q1 2026, with only 246 units sold—far below the 10‑year average. Developers are scrambling to lower prices to stay competitive with resale homes, while buyers weigh warranties and modern features against older properties. The rebate has also attracted private‑equity funds targeting up to $365 million and $950 million in unsold condo inventory.
Quick Home Flips Can Lead to CRA Challenge of Principal Residence Exemption
Canada's anti‑flipping rules, effective 2023, bar the principal residence exemption (PRE) for homes sold within 12 months, treating gains as fully taxable business income. The Canada Revenue Agency (CRA) applied the rule retroactively, reassessing a Vancouver taxpayer who sold a...
With $7 Million, Does Andrew Still Need to Work Part Time to Afford to Retire at 50?
Alberta couple Andrew (55) and Amanda (40) have a CAD 7.2 million (~US 5.3 million) net worth, including a $5.5 million investment portfolio and a mortgage‑free $800 k home. Andrew earns CAD 160 k and can draw a defined‑benefit pension of CAD 50‑80 k, while their annual expenses are about...
How Can Louis Get His Inheritance if His Brother Refuses to Move From the Family Home?
Louis worries he may not receive his share of the family home after his parents die because his brother lives there and the parents have no will. The article explains that without an estate plan, siblings could face disputes over...
Garry Marr: Will Falling House Prices Delay Your Retirement?
Canadian home prices are slipping, with Toronto’s average selling price dropping 4.9% YoY to about $780,000 USD and Vancouver down nearly 7% in April. Nationwide, residential real estate value fell 0.2% to roughly $6.3 trillion USD, while total household net worth...
Mark Convinced His Mom to Seek Financial Advice. What Are Important Questions to Ask?
Mark helped his 58‑year‑old mother schedule a meeting with a financial adviser to discuss retiring this year. The couple, who own a paid‑off home, earn $81,400 USD (CAD $110k) from the mother’s job, have about $185,000 USD (CAD $250k) in ETF savings, and will...
Student Loan Repayment Obligations May Catch some by Surprise
Canadian students often overlook that the six‑month repayment grace period starts the moment they stop studying full‑time, not at graduation. Federal Canada Student Loans ceased accruing interest in April 2023, while several provinces still charge interest on their portions. The Repayment...
It Will Now Be Easier for some Canadians to Qualify for the Disability Tax Credit
The Canadian government announced changes to the Disability Tax Credit (DTC) in its Spring Economic Update, introducing a streamlined application process for more than 40 long‑lasting medical conditions. For these conditions, physicians no longer need to certify the severity of...
Does This 84-Year-Old Suffer From the 'Multimillionaire’s Dilemma?'
Louise, an 84‑year‑old Vancouver retiree, holds roughly $1 million CAD (~$740 k USD) in GICs, plus smaller equity, ETF, gold, cash, TFSA and RRIF positions totaling about $1.7 million CAD. She spends $10,000 CAD a month, funded largely by GIC interest, and seeks...
Carney's Fiscal Update Plays a Charming Tune, but Falls Off at the End
Mark Carney’s spring fiscal update projects a 2025‑26 deficit of $66.9 billion, a modest improvement from the $78.3 billion forecast but still historic in size. The government relies on an accounting split that promises a balanced operating budget by 2028‑29 while overall...
Did Andrew Make a Mistake in Preventing His Mom From Buying Annuities?
Andrew stopped his 64‑year‑old mother from moving $300,000 into a traditional annuity after learning the product’s drawbacks. The article outlines how annuities lock up capital, provide no inflation protection, and end income at death, while also noting research that guaranteed...
Here's How and when You Have to Pay Tax in Instalments to the CRA
The Canada Revenue Agency mandates quarterly tax instalments when a taxpayer’s balance due exceeds $3,000 (or $1,800 in Quebec) in two of the past three years. Taxpayers can choose among three calculation methods—the no‑calculation, prior‑year, or current‑year option—to determine each...
Garry Marr: Are Young FHSA Savers About to Get Duped Again?
Canada’s First Home Savings Accounts (FHSA) have surged to roughly $8.07 billion CAD (about $6 billion USD) by the end of 2024, with an average balance of $8,000 CAD (~$5,900 USD) per holder. Meanwhile, the housing market remains soft, with average home...
What Should Victor Do if His Uncle Says There Is a Will but Refuses to Produce It?
Victor’s father died in British Columbia and his siblings began probate without locating a will. Their uncle claims a handwritten will from 2011 leaves the estate to him but refuses to produce the document. Under BC law, anyone asserting a...
CPP, OAS and Other Strategies to Help Seniors Face a More Expensive Retirement
Canadian retirees are feeling pressure as inflation erodes the purchasing power of a 2021‑level retirement income. The article outlines strategies to boost cash flow, including delaying CPP and OAS, part‑time work, monetizing hobbies, and renting out assets, while emphasizing the...