Do You Need to Tell the CRA if You Have Precious Metals Stored Outside Canada?
The Canada Revenue Agency’s new technical interpretation clarifies that Canadian investors who hold registered or non‑registered precious metals in overseas vaults are deemed beneficial owners of tangible foreign property. If the cost of those metals exceeds CAD $100,000 (about US $73,000) at any point in the year, the taxpayer must file Form T1135. The CRA bases its view on the bailment relationship, noting that investors retain control, risk, and the right to sell or retrieve the metals. Failure to file can trigger daily penalties up to $2,500 and larger fines for gross negligence.
Why Retirees Are Often Shocked by Tax Bills and How to Reduce Them
Canadian retirees are increasingly surprised by tax bills because most of their income sources lack payroll withholding. CRA data for the 2026 filing season shows 62% of filers receive an average refund of about $2,248 CAD (≈$1,640 USD), while those who owe...
Should Caroline, 62, Defer CPP and OAS Until Age 70, or Even Delay Retirement Entirely?
Caroline, a 62‑year‑old Vancouver homeowner, is weighing whether to defer her Canada Pension Plan and Old Age Security benefits until age 70 and how to structure her retirement cash flow. She holds $115,000 in a TFSA, $250,000 in an RRSP,...
Garry Marr: Canada's REIT Sector Is Shrinking Fast. For Investors, that Might Be a Good Thing
Toronto‑based First Capital Real Estate Investment Trust, which owns 136 urban shopping centres, is being taken private in a CAD 9.4 billion (~US 6.9 billion) deal with KingSett Capital and Choice Properties REIT. The transaction values each unit at CAD 24.40, a 17% premium to...
How Much Money Should Gerry, in His 70s, Have in Equities, Bonds and Cash?
Gerry, a Canadian retiree in his late 70s, wonders whether to shift his blue‑chip equity portfolio into risk‑free GICs despite higher taxes. The Financial Post advice stresses a hybrid approach: keep a cash/GIC buffer for three‑to‑five years of income, then...
Forcing People to Pay a Moral Tax if They Leave the Country Won't Inspire Them to Stay
Former Google CFO Patrick Pichette urged Canadians who leave for the U.S. to repay an estimated $500,000 CAD in taxpayer‑subsidized education and called for ending the TN visa program, despite Canada having no authority over the U.S. agreement. He framed the...
Why Timing the Bottom of Canada's Roller-Coaster Real Estate Market May Be Harder than You Think
Canada’s housing market has shed nearly 20% of value since February 2022, with the average resale price falling from C$816,720 (≈US$604,000) to C$663,828 (≈US$491,000). Experts say timing the market bottom is tricky because price trends vary by segment—condos remain oversupplied...
This Creative Money Transfer Strategy Among Family Members Could Raise Red Flags with CRA
A Canadian couple used a CRA‑prescribed‑rate loan of roughly $370,000 USD to shift investment income, while the husband gifted about $74,000 USD to their adult son, who then transferred the same amount to his mother and back to the husband to reduce...
Whether for Curb Appeal, Cutting Grocery Costs or Pleasure, Your Garden Project Needs a Realistic Budget
A realistic budget is essential before starting any garden project, whether the goal is curb appeal, grocery savings, or leisure. Homeowners must account for upfront costs like seeds, soil, tools, and potential professional labor, as well as ongoing expenses such...
Facing the Loss of Government Disability Benefits, Ian Wonders if CPP, OAS and a Small Inheritance Will Be Enough
Ian, a 63‑year‑old Canadian with a permanent disability, relies on a $1,184 USD monthly Canada Pension Plan (CPP) disability benefit, a $148 USD disability tax credit and a $585 USD annuity that ends in two years. When he turns 65, the CPP disability...
Canadian Pension Plans Are so Healthy that Employers Are Taking a Contribution 'Holiday,' Says Mercer
Canadian defined‑benefit pension plans have reached record health, with a median solvency ratio of 123 percent at the end of Q1 2026, up from just over 80 percent in 2020. Strong equity returns in 2025 lifted assets, creating large surpluses that trigger mandatory...
Canada's Accountant Shortage Is Starting to Add up Despite Quieter Tax Season
Canada’s accountant shortage remains acute even as the 2026 tax season is calmer than the chaotic years of 2023‑2025. A 2025 survey shows 86% of finance and accounting managers still struggle to fill vacancies, and CPA salaries have risen 7.7%...
Garry Marr: With Housing Prices Flat, the High Cost of Moving Has Never Been More Clear
Canadian homeowners face steep transaction costs as housing prices remain flat. Broker commissions of 4‑5% (about $37,000 USD on a $1 million CAD home) plus land‑transfer taxes near $24,000 USD and legal fees add up to roughly 10% of a property’s value. The Canada...
CRA Denied Taxpayer with Multiple Health Issues the Disability Tax Credit
The Canada Revenue Agency denied a Newfoundland and Labrador taxpayer’s disability tax credit (DTC) for the 2014‑2018 period, and a Tax Court judge upheld the denial. The claimant, who experiences frequent bowel movements after gallbladder removal and lives with ADHD,...
Dad Won’t Talk About Estate Planning. How Can I Avoid Being Blindsided?
Raymond, a 40‑year‑old son in British Columbia, worries his 67‑year‑old father has no estate plan despite owning a home, boat, cars and a long‑term partner. Without a will, BC intestacy rules will dictate asset distribution, potentially granting the common‑law girlfriend...
When Helping a Young Adult Out with the Rent Can Do More Harm than Good
Young adults in their mid‑twenties are staying at home longer because high housing costs, a shaky job market and student debt make full financial independence harder. Parents often feel compelled to help with rent and other expenses, but the article...
Disagree with CRA’s Notice of Assessment? Make Sure to File Your Objection by the Deadline
After filing a 2025 return, Canadian taxpayers receive a digital Notice of Assessment (NOA) via CRA My Account. They must file any objection within one year of the filing deadline or 90 days after the NOA, whichever is later, using...
Garry Marr: In Canada's Great Downsizing Debate, Staying Put Still Has the Upper Hand
Fitzrovia, a Canadian rental giant with $11 billion in assets, is targeting the growing senior‑down‑sizer segment by offering resort‑style apartments that blend larger units with upscale amenities. Toronto’s 55‑74‑year‑old household count has risen 65 % over two decades, yet many older owners...
How Can an Ontario Couple Ensure Their Disabled Son Is Taken Care of After They Die?
Ontario retirees Anthony (62) and Chelsea (61) are safeguarding their 28‑year‑old son with a developmental disability by combining government benefits, a $100,000 CAD (~$75,000 USD) RDSP, a $700,000 CAD (~$525,000 USD) life‑insurance policy, and a Henson Trust in their will. They also...
Despite Growing Financial Pressures, Canadians Are Still Reliably Paying Their Mortgages
A True North Mortgage survey shows 83% of Canadian homeowners have never missed a mortgage payment, yet more than one‑third report financial strain. Mortgage debt rose to roughly $1.44 trillion USD, a 2.6% year‑over‑year increase, while the national arrears rate stays...
Garry Marr: Why It Could Be the Right Time to Walk Away From Your Real Estate
Canadian homeowners and condo investors are increasingly facing underwater properties as market values retreat. Insolvency filings tied to real estate rose to eight percent of all bankruptcies in 2025, up from five percent a year earlier. Experts warn that while...
CRA Refused to Cancel TFSA Overcontribution Tax
Canadian taxpayers continue to face TFSA overcontribution penalties, highlighted by a recent Federal Court case where the CRA’s denial of relief was upheld. The plaintiff had accumulated over $300,000 in excess contributions between 2021‑2023 and sought a waiver, arguing that...
Anxious About Finances During Global Upheaval? Here’s What You Can Control
Canadian households are being urged to reinforce financial resilience as geopolitical tensions drive up gas, grocery and insurance costs. The article stresses that solid budgeting habits, accessible savings, and disciplined debt management are essential foundations during global upheaval. It recommends...
Should Couple in Their 50s Who Want to Retire Tap Into RRSPs or Apply for CPP?
Timothy (57) and Margaret (53) aim to retire in two years with a combined after‑tax income target of $84,000. Their defined‑benefit pensions will deliver roughly $67,000 after tax until Timothy turns 65, leaving a shortfall that must be covered by...
Garry Marr: Why Your House Is Still Costing You, Even if You've Paid It Off
Garry Marr argues that a paid‑off Canadian home still costs money because the equity tied up could earn a risk‑free return, while owners also face maintenance, taxes and opportunity costs. The Greater Toronto Area saw average resale prices fall 4.7%...
How Is the Estate Taxed when the Last Spouse Dies?
When a Canadian spouse dies, most assets transfer to the surviving partner through a spousal rollover, deferring capital‑gain tax until the survivor either sells the assets or dies. The deceased’s original cost base carries over, so no gain is realized...
Mortgage Renewal Headwinds Near a ‘Turning Point’ for Pandemic Buyers, Report Says
TD Bank’s latest report signals that the mortgage renewal shock for pandemic‑era borrowers is easing. The household debt‑service ratio dropped to 14.6% in Q3 2025, aided by nearly eight‑percent disposable‑income growth in 2024 and 4.7% in 2025. Homeowners are lengthening amortizations,...
One Tax Change that Could Improve Canada's Productivity and Benefit All
Canada’s productivity has lagged its U.S. neighbour by roughly 20 percent per hour worked, prompting the Bank of Canada to call for urgent action. A key obstacle identified is the capital‑gains lock‑in effect, which discourages investors from selling appreciated assets. The...
Garry Marr: Bad News, Gen Z — The Freedom 55 Guy Is Still Working in His 60s and You Will...
Garry Marr notes that a CIBC poll shows Gen Z expects to retire at 59, millennials at 61, while baby boomers target 63. Yet many Canadians, including former insurance executive Alf Goodall, are working well into their 60s, reflecting a shift...
Taxpayer Got No Relief From Court After CRA Penalties on Late Filing of Foreign Holdings
A British Columbia taxpayer who filed Form T1135 late for 2021 and 2022 was hit with CRA penalties and interest, then sought judicial relief. The Federal Court examined the taxpayer’s claims of technical difficulties and financial hardship but found the...
Keep Winter Spending Surprises From Leaving You Out in the Cold
Winter brings a hidden surge in household expenses as heating, travel, and discretionary comforts rise, often slipping past the scrutiny applied at other times of year. The article advises Canadians to audit the past four months of bills, separate true...
B.C. Widow Worried About Retirement Income with OAS Clawbacks
A 68‑year‑old British Columbia widow faces reduced Old Age Security benefits and worries about funding a $600,000 home renovation while maintaining an $80,000 after‑tax annual income. Her current income comes from a modest employer pension, CPP, OAS, and withdrawals from...
Here's Why Mortgage Renewals May Be the Banks' Biggest Rip-Off
Big Canadian banks often send mortgage renewal forms just weeks before the due date, offering rates that can be two percentage points higher than competing offers. In a recent example, a borrower faced a 6.09% fixed rate versus a 4.04%...
What You Need to Know About Filing to the CRA This Year as Tax Season Looms
Tax season launches Monday as the CRA opens online filing for 2025 returns, having processed over 33 million returns last year with 93 % filed electronically. Key dates include the RRSP contribution deadline on March 2, the general filing and payment deadline on...
My Wife’s Brother Never Claimed His Part of Their Mother's Estate. What Do We Do Now?
Edward is assisting his wife with her brother’s estate in New Brunswick after the brother never filed paperwork to claim his late mother’s life‑insurance proceeds and stock accounts. The brother died intestate, leaving no will or appointed executor, which triggers...
Brad Carr: Canada Needs to Cut the GST/HST for All New Homebuyers, Not Just First-Timers
Brad Carr, CEO of Mattamy Homes, urges the federal and Ontario governments to broaden the GST/HST rebate to all new‑home buyers, not just first‑timers. He points to a sharp decline in Canadian home sales—GTA sales fell 11.2% in 2025, with...
Garry Marr: Home Buyers' Plan Was Invitation to Disaster for Young Canadians Who Bought at Market Peak
The Home Buyers’ Plan (HBP), which lets Canadians withdraw up to $60,000 from their RRSPs for a first‑home down payment, was widely promoted as a tax‑free shortcut to homeownership. However, buyers who entered the market at the March 2022 peak of...