Best of Million Dollar Journey: January 2009

Top Posts for January 2008

  1. High Interest Tax Free Savings Accounts – With the huge popularity of the new TFSA, I highlighted some institutions offering a high interest version of the TFSA.  Note that the interest rates listed change often, so make sure to do your own due diligence first.  If you’re interested, here is a list of discount brokerages that offer a tax free trading account.
  2. Case Study: Paul and Melanie Want to Buy a House – This post was based on an email that I received from a reader.  The couple makes good income, has some debt, and is looking to buy a home in the very near future.  How will they turn around their finances?  Check out the post and especially the comments to find out.
  3. My Financial Goals for 2009 – What are Yours? – Some of my basic financial and blog goals for 2009 listed in detail.  The comments include some financial goals of readers, feel free to add yours.
  4. Federal Budget 2009: Home Renovation Tax Credit and More – With the economic slump, we expected big spending from the government.  They did not disappoint. The main features of the federal budget included a tax credit for home renovations, first time home buyers along with a few tax cuts for personal and business.
  5. 6 Reasons Why Recessions are a Good Thing! – Everything on the net is about the doom and gloom of the recession.  Often being the contrarian, this is my positive twist to the recession.

Top Comment Contributors

Again, many thanks to the readers who take the time to comment and answer other reader questions.

  • DAvid
  • Mark
  • nobleea
  • cannon_fodder
  • Sampson

Top Referrers

  1. Canadian Capitalist
  2. Get Rich Slowly
  3. Four Pillars
  4. Where Does All My Money Go
  5. My Dollar Plan

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FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.
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12 years ago

hi cameron,

1)yes once you later the sell the condo you will have to pay the capital gains tax..
but the cost price will not be what you paid for the condo…but the fair market value on the day you rent the property…effectively you do not pay tax on the growth when you lived there..since no capital gains on principal residence..

2)interest on student loan can be claimed only when borrowed from government loan programs like OSAP(in ontario)…your wife has the option of claiming the interest in the current year or any of the next 5 years..she cannot transfer the interestc redit to you..

3) education credit she can only transfer her surplus to you and there is a cap on how much maximum can be transferred..

federal tuition transfer – $5,000 maximum per year
ontario tuition transfer – $6,003 maximum per year

12 years ago

Thanks for the mention on sending referrers – I’m quite pleased with that actually as for me to rank that high means I must have some readers after all! :P

12 years ago

Hello everyone,
Great website, i have learnt so much by just visiting this site ever since i started researching into the Smith Manoeuvre and my google search lead me here.
FT have you ever considered a FAQ section where finance novices like myself could ask questions, i think you have the answers to most questions but its hard to go through the archives and figure out where the answers might lie. On that note, i have 2 questions which i would appreciate anyone’s response on, no obligations:

1. We are thinking of moving out of our condo which is our primary residence into the suburbia. I think i have enough savings to pay 5% downpayment without selling the condo. So we are considering renting it out (i have about 45000 dollar equity in this condo and my current interest rate is prime -.75 for a 3 year term that started appproximately a year ago. I believe a good chunk of my biweekly payments is going down to pay principle). If i did rent the condo, i think the property will have self sufficient and have a positive cash flow.
So if i were to do so would the government treat this as a rental property once i sold it a later date and charge me capital gains tax? Are there any provisions that i can exploit?

2. As for my second question, my wife is considering going to school part time for an MBA program which will be quite expensive. We will more than likely take out a loan to finance her education. If we go to the bank and ask for such a loan, is the interest on it tax deductible? And can she transfer her educational credits to myself as her spouse that i can use (her income will be more than 9K).

Four Pillars
12 years ago

Thanks for the link! I need to point out the top referrers more often. Usually it’s you and CC are the top 2.

12 years ago

Frugal Trader – thanks for the banner sponsor shout out! I love your blog and am proud to be a part of it. Have a great weekend.