วีดีโอ

Thanks. It's now clear, especially the explanation about tax exemption for primary residences as opposed to a second property that could be a subject to a capital gain tax.

I just took time to post our actual experience on going through but not completing the process on something that should be covered with all seniors trying to get this but I don't see it showing up.

Can I take reverse mortgage and sell my house after 6 month or 1 year

Great advice! But, how would inheritance tax work if a spouse passes away?

What if you inherited a house and 2/3 of the house was rented out . Other 1/3 was main residence of parent.

Giving some thought to a Reverse Mortgage as an 85 year old widow in good health. This is the first link I opened that didn't appear to be connected to a lending institution and I would give it 5 stars. Most people I know are very negative about R.M.s and it is encouraging to read your take on the different scenarios. Thank you so much!

Hi, i'm tom selleck and I would never do anything to harm just one senior.. It's not a scam! it's not some fancy way of the bank taking your home. OK

When you want to be living on the street at 85 years old !!

Great info, thanks!

Can't wait to probate out of Canada forever.

Hey Mark! Carmen Lishman here, cool to see you here on TH-cam. I really appreciated this video and may reach out with further questions. Take care! 🙂

never

Thanks for making this video. Does a Canadian citizen get taxed for any property inherited outside of Canada?

Great content, we are in that group now

Im over 60..no kids no family..might be an idea ?

Thanks for providing such important info!

if u die with a spouse named as beneficiary in you rrsp -isnt it transferrable to their rrsp tax free to your estate -so your estate pays no tax on it?

Great video and explanation Mark!

In my case I'm 68 and my wife is a couple years shy of 65. When I do my taxes with and without splitting, there is a $375 difference on near $30,000 RRIF and LIF. And she has no income. There is no need to deposit the income in her own account, but CRA does issue her a cheque for the split refund. Very good explanations in your video.

Any time a commercial starts by saying "look, nobody is trying to steal your home"best believe they're trying to steal your home.

If you can afford homeowners insurance on a house in today's market you don't need a loan.so your gonna borrow 100 grand,pay 5000 a year for ten years for insurance to satisfy the reverse mortgage lender plus upkeep and everything else they require and if you go live with your kids for a year it's game over...if you can afford all that why do you need to borrow money?

what if before you die, you add your son who has been living with you at the same house since you bought, to the title ? is there any probate and/or tax?

Excellent video, easy & simple to understand 👍

In your examples, you mentioned if the parents owned a cottage. Would it make any difference if it was a chalet? (cough)

It amazes me that so many people are still buying mutual funds. Those funds only make money for the bank. I wasted many years expecting mutual funds were going to grow my investment. At a time when the stock market was flying high, I gained zero over 5 years before I took my money out in frustration. Buy ETF or blue chip stocks, even the bank stocks. Don't waste your money and time on Mutual Funds. Of course major banks will never suggest that to you. And more importantly, don't keep your investment at a major bank because the fees will always be ridiculous high, instead open an account with an investment brokerage, like Interactive Brokers or eTrade etc. There are not many options in Canada (Charles Schaub is no longer there) but you can still find a brokerage. Please do your research specially on fees. You do not have to day trade, you just buy and forget about it. If you have to sit-down with an advisor, then you are at the wrong place. You should be able to buy your ETFs and stocks online and instantly. I retired in 2021 at age 54, and since live on just the dividend that I get from my investment. And I am not even seeking the highest dividend paying stocks. I have diversified portfolio that includes various sectors and almost 25% EFTs, and not all stocks. It has been three years since I retired, and guess what, I have more money now than I did in 2021. Here are some of the best dividend paying tocks in Canada, Enbridge, Almost all banks, Canadian Natural resources, many of the insurance companies. You have plenty of options. BCE stock is currently very low and pays great dividend, so for the long term investor, it might be one to consider. It kills me to see how uneducated Canadians are when it comes to investing.

There is a claw back of OAS for the year of death if you have income over a certain level. Especially if you own land or cabin or business.

Life insurance is a scam for old people and you should be ashamed of yourself.

If your parents bought your house can you still flex it on Ig

You are correct sir. Which, of course, eliminates the need for your job with your clients. Unless you're there for moral support and an index funds cheerleader. That said, kudos.

First thing I would say is that your walking into a bank for your financial needs, stop at the front door and reconsider your decision. Check out the CBC marketplace TH-cam video for reasons not to.

Awesome advice! 😊 Delaying CPP and OAS is wise. Thank you 🙏🏼

Just a question. If a widow/er remarries, and later that person dies, how is that investment treated?

Great video. Nice ballance perspective, I'm glad you don't do like some financial advisers and just jump to the standard answer of defering CPP and OAS to 70. The majority of retirees just don't have significant RRSPs to be able to make it until 70 before they need that money to live on. The other group of people have good Pensions and delay of CPP just doesn't make sense because they will end up paying more taxes when statistically they spend less. Smart retirees take the long view, consider the GoGo, Slow Go No Go philosophy. The smart ones don't decide on getting more CPP later but forgo the GoGo years

More excellent balanced advice for older Canadians (60+) and Garth 🌈 🇨🇦 Wise to meltdown that large RRIF rapidly leaving the CRA with a little as possible. Also, great long term advice to maximize CPP and OAS at 70. (The vast majority of wise and smart retirees). Many less informed and uneducated folks leave their wives with a massive tax bill upon EOL without advanced tax planning strategies. Be a smart retiree and save taxes. Thanks Mark! Well done! 👍

Excellent point and so true!

If the death occurred in Ontario the Probate fee or tax is $15 / 1000 or 1.5%. The Ontario government has a website with a calculator as do many Financial institutions. A CRA clearance certificate takes a long time to receive. It does give the executors peace of mind that once obtained CRA cant come back against the estate. If the estate is simple..no business or corporation or shares etc im not sure i would bother obtaining the clearance. If the estate is dealt with properly in the first place, there should be no issue. The clearance certificate requires a lot of information about the estate. Basically the ask is exactly the same information that already dealt with during the estate process. Thing is, you would have already provided the government with that information. They want you to do the work for them. Ie a certified copy of the Will and Death certificate, who the beneficiaries are, their personal information ( name addresses SIN ). The government already has that information when you stop CPP and OAS, but it appears that these offices don't share information. CRA also has similar information when you file the final taxes..they also know who filed it. Ive done 2 estates recently and I'm not telling the government who got what from the estate. They have that information already. They have a copy of the Will, so they know. If there's a re assessment so be it. The last estate I did was from an extended family member. Their income was OAS, little CPP GIS. Basically living at the poverty level . If the government wants to look for magic beans..go look elsewhere.

Excellent advice! ✅

Okay lets say same scenario, but house #1 you lived in for the first few years then you moved into house #2 but kept house #1 as an investment property and rented it out. In a few years when you're selling both, is the first house eligible for the tax exemption for the years you lived in it (even though you turned it in to a rental after)? Thanks! I'm subscribing

Very well explained. You talked about a cottage having capital gains associated with the inheritance but my question is regarding a bare trust. In my situation, my name is on the ownership but it is my son and his family who are the principal residents. I tried to get answers from the CRA last year when I was completing the T3 form for this property. My son has lived in this house since it was purchased. He has been resposible for all maintenance and he has paid all the bills and mortgage. I just helped to get his mortgage because he had no credit rating at the time. We have a lawyer who has suggested we set up a bare trust agreement but I cannot get a clear answer about when I die, will my son be able to claim Principal Residence Exemption for his house and will there be probate applicable to transfer ownership to his name? Thanks in advance. Joyce

I thought the bad real-estate company in Alberta was Yorkton. They're absolute garbage.

what about fixed guaranteed annuities with income rider

I would like to ask you about income splitting. My husband and i are both collecting pension but I'm still working. I know we can split a RRIF and a LIV but because I still have a regular income plus CPP and OAS can I also split my regular income? My husband has a lower income but would like to split his RRIF with me. I guess after listening to the video one more time regular income is not eligible. Thank you in advance.

Excellent info - I had no idea you could request a year of OAS post death of spouse. I am trying to understand does the minimum and maximum amounts for OAS clawback change for each year that you postpone receiving OAS? I have never heard that concept before - or does this just refer that every year the government increases those amounts. ( from a 66 year old who postponed OAS thus far )

It is a huge amount for an administration fee. Most single homes in Canada, even if old and falling apart are very expensive (because of the house market craziness). Adm fees should be a fixed cost.

You did a good job on this information video. Thank you.

You did not really cover splitting RIFF funds. How long before do the RRSP funds need to be inside the RIFF in order to cash them and split the amount? Is there a special form to be filled out for RIFF splits, or is it simply done (like one's pension) at the time of filling out the year's tax forms with one's tax person? What are the specifics and limitations, such as age, how long the couple has been together, whether both of the people's great grandparents had red hair, is it a Tuesday past midnight when Charon is in retrograde around Pluto?

Thank you for this clear presentation of Income Sharing. One would guess that the government could not just make it straight forward and simple, and instead prorate CPP income sharing to years spent as a couple, only if both happen to be over the age of 60, and only on Pluto, when Charon is in retrograde, on a Tuesday after midnight.

I just put my son on my chequing account to pay for my funeral. Is this a reportable item? There are NO lcomes expected as the account is zero interest, thanks.

What about a beneficiary who lives in the US, inheriting from deceased mothers estate in Ontario, Canada. CRA wants to take 25% from my half of the inheritance. Is there a way to avoid this? Also, why do I need to provide my SSN to the investment firm that is submitting the estate papers?

Wouldn’t a younger person be better off with a tfsa given they likely haven’t hit their career stride and would be making less now than they would expect to make in retirement? Then let their rrsp contribution room grow until they are making a higher tax bracket income and can start shoveling money into their rrsp for a fat refund they can further invest, with the added benefit of having a tfsa that would end up closer in size to their rrsp in retirement, thus lowering their tax burden at that time?