Booked a vacation for our family in the next couple of weeks and found out the Residence Inn in Wailea on Maui only requires 120K points for 5 night. It's usually 50k points/night and there are still several days to choose from before Christmas. I know people won't ...
Nov 15th, 2023 12:12 pm
... read the CRA website but I'm still a bit confused, so here's the simplest example I can put: - First: Bought property in 2015, has been principal residence since then. - Then: Move out of that property in 2024, and start renting it right away. - Finally: Decide to sell it in 2025/2026. In this ...
Oct 27th, 2023 1:14 am
Eby is taking a swing at AirBnB. Wonder how many long term rentals will this put on the market. https://www.cbc.ca/news/canada/british-columbia/new-provincial-rules-short-term-rentals-1.6997449 The new rules passed first reading in the B.C. Legislature Monday and include increasing fines for hosts b...
Oct 16th, 2023 4:19 pm
... a tax question for the group. Scenario is: Bought house in AB: 1993 Bought house in BC: 1996 Sold house in BC: 2012 and *** claimed *** principal residence exemption Sold house in AB: 2023 The houses were never rented and were lived in about equally: BC during May to Oct, and AB - Nov to April ...
Sep 13th, 2023 4:36 pm
This is in Ontario We live in our Home A where we currently live (principal residence) We bought Home B which will be closing soon and it is our future residence. Home A has a low existing mortgage and a Heloc, we have not drawn anything yet from it. We don’t ...
Sep 10th, 2023 6:32 pm
... a full time professional and come under the highest income tax bracket here in Ontario. I bought a house in 2019 which I have used as my principal residence since then. I have set up a 200K HELOC (which I never used) a few months ago on top of my existing mortgage on my current property. I also ...
Aug 29th, 2023 1:41 am
IKEA has free delivery to campus residences / off-campus residences through Sep 3 (no minimum purchase required). Here are the full terms: Offer valid from Friday, August 18 at 12.00 a.m. EST to Sunday September 3, 2023 at 03:00 a.m. EST ...
Aug 18th, 2023 5:22 pm
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Jul 21st, 2023 9:39 am
... BoC rates and rent is nowhere close to cash flow neutral. On paper, the condo appreciated about 200K. I now live in another province in a residence I own, and I want to offload the condo on closing. Questions: Can I declare this condo as a primary residence given that was the intention ...
Jul 6th, 2023 8:41 am
So, I am thinking of renting out my principal residence, and my understanding is that the change triggers a "deemed disposition of property". However, I don't understand how would I establish the fair market value of the property, so that ...
May 25th, 2023 9:54 pm
I am in the process of moving to the US along with my family on a L1 intercompany transfer. If I sell and close on my principal residence within 183 days after leaving Canada( but in the same taxation year), will we be subject to the 25% witholding tax ? Hearing different things from different ...
Jan 21st, 2023 9:31 am
Hello, I am planning a trip to Mexico and I am traveling with someone with a Vietnamese passport and a Canadian permanent residence card. I am trying to look up if they need a visitor via and it is way harder then expected. There are non mexican websites that say with a Canadian PR ...
... questions regarding my brother's estate (he passed away a year ago) that I am now administering. He had an acreage which originally contained his residence, which burned to the ground, almost 4 years ago, uninsured, so he was unable to rebuild. He then rented an apartment in the town about 10 ...
Oct 6th, 2022 7:06 pm
Hey guys, Property A was purchased as rental so it has been rental from day 1. Property B was principal residence but later converted to rental and is still designated as principal residence because I don't have any other principal residence. If I were to sell property B, buy ...
Aug 5th, 2022 7:21 pm
Seems like an interesting idea. Not sure if the price is reasonable, and how exactly the short term rent works... Horseshoe Residence...
Jul 16th, 2022 10:56 am
I read a recent thread on changing my primary residence, it was informative. I am thinking this scenario: evicting one of my tenants renting a house I own, move into it and rent out the place I have as my primary residence now. It makes sense to ...
May 31st, 2022 2:15 pm
Enter: https://a.pgtb.me/LRj031 Rules: Embedded Prize: 2 night deluxe stay at “Residence Inn by Marriott Muskoka Wharf” in Gravenhurst on breathtaking Lake Muskoka. Prize includes 2 nights’ accommodation in one of their newly redecorated suites, a kitchenette in ...
May 31st, 2022 10:40 am
Lets say I bought property A as a rental in 2020. Lets say I bought property B as a principal residence in 2021 and later turned into rental the same year. Lets say I dont have any other property designated as principal residence. Can I file the election to designate either ...
May 3rd, 2022 7:48 am
... answer on the cra site regarding this specific scenario. Person A and B is related Home is purchased under person A+B's name and is the principal residence of both. Person B is removed from title (still principle residence) Essentially person B gifted their portion to person A. Is person B supposed ...
Mar 21st, 2022 9:04 pm
I sold our principal residence, then bought another one in the same tax year. It was simple nothing complex no overlap of principal residence, it was the simplest transaction you could imagine, Can someone explain to me in detail what ...
Mar 4th, 2022 9:04 am