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 bankruptcy can shield certain assets, it also erases TFSA balances and stays on credit reports for six years, prompting many to explore consumer proposals or developer‑led restructuring. Renting or swapping units are emerging alternatives for those seeking to avoid a full bankruptcy filing.
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...
