tag:blogger.com,1999:blog-4402283548766807872.post5565312317688130555..comments2024-03-29T02:47:49.234-04:00Comments on The Blunt Bean Counter: Capital Gains ReservesThe Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-4402283548766807872.post-19494741784771261252021-10-22T09:48:35.005-04:002021-10-22T09:48:35.005-04:00Hi Pierre, I don't provide specific tax planni...Hi Pierre, I don't provide specific tax planning advice on this blog, so will not address your planning with your son. What I will tell you is the reserve is based on proceeds owing to you and have no correlation to the mortgage of the purchaser.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-63364740537061743052021-10-21T16:02:26.433-04:002021-10-21T16:02:26.433-04:00Hi Mark,
I was browsing Google and found your arti...Hi Mark,<br />I was browsing Google and found your article about CC Reserve. Quite interesting. I have a situation and would greatly appreciate your view.<br /><br />I own a rental property since few years. I would like to sell it to my Son on FMV. He will use it as his primary home (he is also a first time home buyer).<br /><br />If my son has to take a mortgage from a bank, does this hinders me claiming capital gains reserve? In other words, do banks accept to lend him money over a period of five years to feed the proceeds into the capital gains formula, on per year basis? Otherwise, how does a bank mortgage and capital gains reserve correlate with each other??<br /><br />Kind regards<br /><br />PierreAnonymoushttps://www.blogger.com/profile/15683348679877531705noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-42008517096399875362018-03-13T21:31:03.478-04:002018-03-13T21:31:03.478-04:00Sorry Joseph, I don't provide personal tax pla...Sorry Joseph, I don't provide personal tax planning advice on this blog. Ask your accountant or engage one for a consultation.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-49936878176688260522018-03-13T15:56:13.798-04:002018-03-13T15:56:13.798-04:00Hi and thanks for the advise. My scenario is: We a...Hi and thanks for the advise. My scenario is: We are considering taking advantage of the prescribed rate loan of 1% until March 31, 2018 where I will enter into a sale agreement and promissory note agreement with my wife to acquire her shares. She now uses the Capital Gains Reserve to spread out the capital gains on the stocks. My question is after a share price is set and I acquire the stocks through the sale agreement do I have to sell them immediately on the open stock market or can I take my time, understanding that all future Capital Gains will be attributed to me. Josephnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-50241240083541309822016-05-11T14:53:14.840-04:002016-05-11T14:53:14.840-04:00Great article - Thank you!!Great article - Thank you!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-27156356762600095822016-05-10T22:04:07.653-04:002016-05-10T22:04:07.653-04:00Hi Anon
Thx. Below is a good article on your ques...Hi Anon<br /><br />Thx. Below is a good article on your question. However, I would get tax advice from an accountant before undertaking the transaction if you wish to use the reserve.<br /><br />http://www.dynamic.ca/eng/learning/Personal-Finances/Family-Give-The-Kids-The-Cottage-Now.investor.htmlThe Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-52760230188110810602016-05-10T22:01:54.247-04:002016-05-10T22:01:54.247-04:00Hi Lucille
Thx for reading the book and the blog,...Hi Lucille<br /><br />Thx for reading the book and the blog, my wife will be happy to hear she is appreciated for her plain English efforts. I try to make my blogs readable, but some topics are just fairly complex.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-62185010716510456932016-05-10T14:53:16.570-04:002016-05-10T14:53:16.570-04:00Hi Mark - Great post. Is there some way to "g...Hi Mark - Great post. Is there some way to "gift" the cottage or rental property to your children and claim the capital gains reserve to spread out the gain over 5 years vs all in the year of gifting? ie, even though there will be no actual $ paid to the parents, can the reserve still be claimed?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-57318180488882613392016-05-10T12:11:11.653-04:002016-05-10T12:11:11.653-04:00Thank you for such a clear description of Capital ...Thank you for such a clear description of Capital Gains Reserve. <br /><br />At the moment I am reading your book,"Let's Get Blunt About Your Financial Affairs". I appreciate you sharing your knowledge and time to help educate the masses about topics that effect everyone. I look forward to your email blog. I must admit some of the topics are way over my head but still interesting. <br /><br />Thanks goes to your wife and family who keep you grounded in simply language and are kind enough allow time away from them to blog. Lucyhttps://www.blogger.com/profile/10822538917296242715noreply@blogger.com