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- : nis'..~ , ~ . A ""“ - "‘_;\ w 1 f u - w.” l-‘RIUO curiomcu: - Wednesday. August a. 2014 It’ V ti h ' t t h S a aca on ome, 110 a ax aven , - our cottage, or any other vacation the requirements property are fully accounted for. WWW” ! Y property for that matter. can be an if your vacation home The ACE is not increased by withlnsunnce 5 important part of your family life â€" increases in value more than sweat equity, only out~of~pocket One good way to cover capital gains and I and you might want to leave it to your your city home on a per year expenditures â€" so keep your other estate debts â€" or to provide an equir l family. basis, the exemption might be receipts table amount of money to your other chil» 1 But unless you're passing assets to your better applied to that property. dren should you decide to leave your vacaâ€" spouse. when you die, you‘re deemed to have However, if you have bought Giftingduringyourllkdme tion home to just one child â€" is with permaâ€" i disposed of all your capital assets at faji- mar. and sold several city homes wet .. Instead of leaving property to nent life insurance. ; ket value. |f your cottage has appreciated in the same number of years that your children through your will. The death benefit is usually tax-free and ) value, there could be a significant capital you have owned your vacation you can choose to transfer some an providea ready source ofcash that could i gains liability that could force your heirs to property and applied the PRE or all of it to them during your prevent the forced sale ofmsets - including ' sell thecottage. on those city homes, you will lifetime â€" through the outright your cottage â€" to pay taxes It's a good idea 1 These are some of the options you should not be able to shelter the entire gift of the property or by making to discuss your cottage tax issues with your - confide; to reduce the tax bite to your estate gain on your cottage. one or more of your children legal and financial professional advisors to and your heirs: joint owners (with or without you ensure they coâ€"ordinate with all the other Prue-wing the as a joint owner). aspects of your financial and estate plan. Wm Mamba This option does have a t" f mm (mm) Another option for minimiz- downside because it may trigger Mauumn ispvw'utaibyMcl-‘achnie Group Pri- you are able to make a principal “idem ing the taxable capital gains is to an immediate capital gain and mWaaldr Wren: MMMCFAC’IIUE. f exemption claim on either your dty home or ensure that all additions to the life insurance is not an option for CFECPCA. CDFAarSImaso. at 241 ergo In your vacation property as long as you meet adjusted COS! base (ACE) Of the paying this tax. 7113me l oâ€" 0 O O 0 Despite summer jobs, poll finds majority of students work through school year . Anew ClBC poll conducted by Leger has job. while 20 per cent have been looking but working this summer will be spending their Kramer notes that it is critical these stu- found that While most Canadian stu- unable tofind one. earnings on is school, with 31 per cent on dents build and stick to a realistic budget 3 dents are working this summer the majority ' The majority of students (53 per cent) average earmarked for tuition or school while working in the summer to make it easâ€" 1 won'tmakeenoughmoneytopaytheircol- whoareworkingthiswmmerexpecttoeam expenses iermmnagecxpensesoncebwatschool. Iege or university costs between $1,001 and $5,000. with about one - Seventy‘three per cent of students say “It’s never too early to get sound financial Thepollfound that: quarter (26 per cent) expecting to earn theywill need to work duringthe upcoming advice. Sitting down with an adviser in the ‘ - Sixty-five per cent of college or universi» between $5.00! and $10,000. year to support their expenses for school. summer can go a long way to understanding ty students currently have a paying summer ' The top item that students who are "The reality is that many students rely on what the real costs are going to be and set their summer earnings to help pay for their ting a plan to best manage their finances ) college and university education.” says throuyiouttheyearf my 7 T H A N N U A L Christina Kramer, executive vice president, ‘ retail and business banking, ClBC. “Given lecehrlnldeuutomungespenrfing SUMMER the cost of post-secondary education. as - Create a W Having a plan in place Gypamtc,” wellasalltheothcrexpensesstudenhhave, beforeschoolmmmhelpyoumakethe - theywillneedtowatch theirspendlngm molmruoumest'lhlktoanadvisomr fullysotheycanstretchthosesummerdol~ manmhnebudgetmlcuhtortogetadear lar'sasfaraspossible.‘ Mudflywrexpemandhmmuch " you have to spend mmebew OSticktoyourplan.0nceyouhaveaplan l ., ' The poll found that among students in place. stick to it. If you fall ofltmck. get working this summer. nearly half (45 per back to your budget u soon as possible to centlaremakingSIIperhourorlessandGO keepyourexpcnsgincheck per cent are working part-time hours. A; a - Track your spending. Use a mobile result. most college and university students banking app to see account transactions I [73 per cent) will also need to work during and balances in real time. the school year to support their education - Student banking accounts Most banks ‘ expenses This sugests that many students offer a bank account for students with free . are mowing to cover their school bills with unlimited banking transaction fees and no ’ WWWbovisifingSafiremOrfiiommshisamner “memplmnemflom monthlyfm l ondhondingoutme mmsmlloflotsof “Minimum 54 thirln '~‘. (animus-inf) 71 1 “7pm ’ great stuff For active lomiliesl ' ' ‘ - ’> ‘ mmrimgamumuwnmmmmmumwmu when“ n-lsnddMMWJMHQWeaâ€"hMMMJWM, FIND “5 Al' THESE SUMMER Mlm.mMMMlu-mnMitwufl-Mmmmmmm l fut“immune.rmimm,hqehhrgmn.lwmlw~unmm,m5heem. m" m: ummmmmm mmdmtmmm.wmtmmmm . he; hutmgmnmmmweqummmrqwmm mmtm.mmmndmom [armature-mum l HARBOURFRONT TORONTO ZOO ammfiszawmzuumzmmzummmlmsmb? . . u MIN-nonuni- KMJNM mm Friday August 15, 2014 Saturday September 6, 20l4 mmsmmsummm,niumm,mmmmm | pmlmmdnflmmflmmmm,m,lmm mhfififlmmmnwmmhpmdmuMnMnuhm i FOR moat INFORMATION on now to on YOUR “mflflflltmmw-flfl-fiflwrfl “mm-m ma-thMwmmmmm-M - SAMPLES INTO OUR LOOT BAGS PLEASE CONTACT: fiat-“pram“:rmr-nâ€"m was“: ~*m m M 3mm“. . 905'84/2'659' ext. 228 or Toll Free 1'800‘693' 7986 4m*~~~flh hudh.m