kitchen

Tax profit as income or capital gains?

Recently, I chatted with a couple who, after seven years, sold their century-old row house in Toronto’s Trinity-Bellwoods neighbourhood. With grins plastered on their faces, they happily declared the best part was their sizeable profit—they sold for $300,000 more than they originally paid—was completely tax-free. This got me thinking. Every week we get questions from[…]

House and Keys in Female Hands

Should parents help kids buy a home?

Emma’s ex-husband gave their two twenty-something sons a $30,000 down payment. She thinks that was a big mistake. Four years ago, at the age of 24, Jonas Knight decided to buy his first house. Prices had been shooting up in his home town of Maple Ridge, a suburb of Vancouver, and he felt that if[…]

Top 10 mistakes when buying a new build home

When Karen Somerville and her husband Alan Greenberg showed up for the pre-delivery inspection of their brand new luxury home in Ottawa they were horrified. Electricians, drywallers, plumbers and a variety of other tradespeople were still busy constructing their home and, despite assurances from the builder, the couple seriously doubted their $443,000 new build would[…]

Do I need mortgage life insurance?

I live in a town-house and I am about to purchase a detached house. I currently have enough life insurance to cover my townhouse mortgage, but this new home purchase will increase the amount I owe. My bank is recommending mortgage life insurance. Should I take out a policy? Mortgage life insurance is designed to[…]