Personal Finance

Locked: Mortgage with No income but Big down payment ?

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  • Feb 22nd, 2014 3:44 am
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Deal Addict
Jun 9, 2003
4646 posts
746 upvotes
techcrium wrote: Let's be real, do you report the stuff you sell on kijiji as income? I sure as hell don't.
Let's be real: Do you regularly gross $2k per month on Kijiji. Is it your primary source of income?
techcrium wrote: Now, im not saying what OP is doing right or wrong, but that's his choice to make and if he gets caught it's his fault.
It's clearly wrong. Yes, it is a person's choice to do something illegal - excellent point.
Deal Fanatic
User avatar
Dec 4, 2009
9335 posts
5638 upvotes
Actually the OP does get to choose what he reports, and he has chosen to report nothing. I don't understand why most people have their panties in a knot, if FutureCEO's buddies do their job, they'll catch up to him.
"I'm a bit upset. I've been grab by the back without any alert and lubrification"
Lucky
Penalty Box
Apr 16, 2012
3565 posts
688 upvotes
Greely
Shojin wrote: Given the OP's posts do you really expect a different reaction?

Even if his parents claim the money is from their immigrant country there will need to be an entire paper trail created for it.

Yes, the OP will do what he wants regardless, but maybe, just maybe he'll stop and think about it a bit first. Granted, he'll probably get away with it in all likelihood, but he needs to be aware of the very real risk and subsequent penalty should the CRA find out.

The thread topic is: How do I get a mortgage by reporting no income?

not

"Hey guise, I am thinking of cheating on my taxes...should I do it?"



If the thread topic was the latter, then it would make to all the moral lectures. However, OP is already set on his decision so there is no point. You are just making yourself angry by posting it.
Penalty Box
Apr 16, 2012
3565 posts
688 upvotes
Greely
Kohanz wrote: Let's be real: Do you regularly gross $2k per month on Kijiji. Is it your primary source of income?

It's clearly wrong. Yes, it is a person's choice to do something illegal - excellent point.
Exactly. You just basically took what is "cheating on taxes" and redefined it to fit your viewpoint.

You don't think its wrong to cheat on taxes by selling on kijiji here and there, but you think its wrong to cheat on taxes by selling on kijiji "regularly".

That's fine. However, OP has a different set of definition for what is cheating on taxes.
Sr. Member
Feb 5, 2009
664 posts
150 upvotes
techcrium wrote: Let's be real, do you report the stuff you sell on kijiji as income? I sure as hell don't.

Now, im not saying what OP is doing right or wrong, but that's his choice to make and if he gets caught it's his fault.
No course not but not sure what you're trying to prove here. I don't think CRA will track people down that sell their used iphones and furniture. Will they track people down that buy and sell (cash only) used furniture from their basement to generate income consistently? Most likely.
Deal Addict
Jun 9, 2003
4646 posts
746 upvotes
techcrium wrote: Exactly. You just basically took what is "cheating on taxes" and redefined it to fit your viewpoint.

You don't think its wrong to cheat on taxes by selling on kijiji here and there, but you think its wrong to cheat on taxes by selling on kijiji "regularly".

That's fine. However, OP has a different set of definition for what is cheating on taxes.
The minor difference is that my views would align with those of the CRA, while the OPs don't.

There's a difference between selling personal items, that you used and then no longer needed, and buying and selling items in order to generate a profit (e.g. a business).

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs ... u-eng.html
Newbie
Feb 27, 2013
18 posts
2 upvotes
Niagara Falls
Hi; Check out FirstNational.ca Click on Residential then on the left choose our products.Scroll down the list and you will see they offer an Insured Stated Income Mortgage up to 90% which is offered at their best rates. Hope this helps.
Sr. Member
Feb 5, 2009
664 posts
150 upvotes
Kohanz wrote: The minor difference is that my views would align with those of the CRA, while the OPs don't.

There's a difference between selling personal items, that you used and then no longer needed, and buying and selling items in order to generate a profit (e.g. a business).

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs ... u-eng.html
Exactly. Was looking for this lol but you found it.
Newbie
Jan 18, 2014
31 posts
techcrium wrote: Let's be real, do you report the stuff you sell on kijiji as income? I sure as hell don't.

Now, im not saying what OP is doing right or wrong, but that's his choice to make and if he gets caught it's his fault.

lol from my understanding selling your own stuff does not consider as income

If I had granddaddys watch worth 20K that got mailed to me from Poland and I sold it on kijiji for 20K in cash , am I gonna report it as income. ***** no doesnt matter if its 100$ from some iphone you sold or bigger,
its a sale you made from something that was yours, esepcially people on here who sell items daily are they gonna report all the money they gotten for their used stuff. I highly doubt it
and if you do then you are a chump lol
Sr. Member
Feb 5, 2009
664 posts
150 upvotes
nitroganase wrote: lol from my understanding selling your own stuff does not consider as income

If I had granddaddys watch worth 20K that got mailed to me from Poland and I sold it on kijiji for 20K in cash , am I gonna report it as income. ***** no doesnt matter if its 100$ from some iphone you sold or bigger,
its a sale you made from something that was yours, esepcially people on here who sell items daily are they gonna report all the money they gotten for their used stuff. I highly doubt it
and if you do then you are a chump lol
lol. actually yes you do have to report it. :facepalm: But then we're all chumps here
Newbie
Jan 18, 2014
31 posts
ok im gonna go report the 50$ broken blackberry I found on the ground and sold on kijiji this year

thanks bro
Sr. Member
Feb 5, 2009
664 posts
150 upvotes
nitroganase wrote: ok im gonna go report the 50$ broken blackberry I found on the ground and sold on kijiji this year

thanks bro
np. that's the first step to redemption. CRA will forgive all your past debts. :razz:
Banned
Jul 3, 2013
1508 posts
300 upvotes
I passed this email to a few old colleagues and it has gone semi viral at their office.

I will continue to pass this thread to every single person I ever worked with at the CRA. $2k monthly and not a dime paid into the system. If you are going to enjoy the benefits of this great nation then pay your share!!
Newbie
Jan 18, 2014
31 posts
for a future ceo you do sound like an idiot lol enjoy waisting your colleagues time on a story I might or might not of made up to troll you.
Deal Addict
Aug 4, 2010
1030 posts
247 upvotes
nitroganase wrote: for a future ceo you do sound like an idiot lol enjoy waisting your colleagues time on a story I might or might not of made up to troll you.
Yeah, just like you made up that post selling the camera for $1800 on RFD hmm. nice try - trying to say it's made up to cover your behind.
Deal Addict
Aug 19, 2013
2397 posts
1091 upvotes
blai4754 wrote: lol. actually yes you do have to report it. :facepalm: But then we're all chumps here
Actually you generally do not have to report the sale of personal items due to the personal use property rules. There are a few exceptions.

But after reading the example of a watch being sold. Yes you do have to report that.

Oh and to the OP the CRA does not need a paper trail to bust your but. However you will need one to prove you don't owe of the assess you. I won't give away all their tricks of the trade. But I would be scared if I were you. If you are reporting no income their system will eventually flag you for audit. It's called living on air.

And btw evading taxes to that extent could lead to jail time. I would seriously consider a voluntary disclosure if I were you.
Deal Addict
Aug 19, 2013
2397 posts
1091 upvotes
nitroganase wrote: for a future ceo you do sound like an idiot lol enjoy waisting your colleagues time on a story I might or might not of made up to troll you.
Question for you. Do enjoy stealing money from all of us who actually pay our taxes? Because that's what you are doing. You have stolen from everyone on here who reports their income and pays their taxes.
Deal Expert
Feb 29, 2008
21738 posts
21353 upvotes
Tarrana & The Ri…
Kohanz wrote: Jealous haters? So I assume if I asked you to pay my taxes for me you would happily oblige?
I sure as hell wouldn't act like I'm above benefiting off the backs of other people, that's for sure.
Deal Expert
Feb 29, 2008
21738 posts
21353 upvotes
Tarrana & The Ri…
LOL @ having to report sales you make online or through Kijiji. You people make me sick.
Newbie
Jan 18, 2014
31 posts
so if I got a watch as a gift worth 20K and I sell it, I gotta pay tax on it,

so lets say the watch was 30K new... you kinda need money so you decide to sell it one day and you decide your ok with selling it for 20K even tho its pretty low but what your saying on top of that I gota pay a % to the gov as well from the 20K of my personal item ?

lol ya ok

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