Pros and Cons - let's hear em! Looking to own and rent something at same time with family. Trying to decide what to start off with. Cottage Pros Less neighbors/secluded most likely Family gatherings - legacies Greater $ appreciation Water Front (a must) Land Cons Always Work Work Work More $$$ to bu...
May 20th, 2022 10:44 am
I've been watching a few financial programs lately and they've been speaking about depreciating assets relative to net income (mostly DR, but other advisors as well). Just wondering what people have as their ratio? Simple formula is Current value of all vehicles ÷ by net income x ...
May 12th, 2022 11:26 am
Currently have a new 1 bed/bath DT condo listed for $2k/mth on a few rental sites. Majority of the single people requesting showings have gross incomes in the range of $50-$65k. My feeling is that is too low for a $2k month rent (+ utilities, insurance, and rest of their living expenses). Am I being...
May 2nd, 2022 2:51 pm
I purchased a pre-con condo before marriage, and it closed after marriage.The condo is 100% under my name, and I am collecting rent income.For tax purpose, any way I can have my lower income spouse report the rental income?
Apr 20th, 2022 12:15 pm
I received a small amount of dividend transactions in a corporation. The overall income is less than $300 so makes no sense to pay an accountant $1000 for 30 mins work. I would like to learn how to calculate and report the dividend income in a corporation. I guess ...
Apr 18th, 2022 7:00 pm
Family member did their income tax, and they have to payback money. When do they have to actually payback the money? Do they need to wait for an amount owing bill in the mail?
Apr 18th, 2022 11:19 am
Aggregated Leverage Ratio = Total Outstanding Debt / Total Fair Market value of all Investment PropertiesTotal Outstanding Debt include any funds that you need to pay back such as mortgage, HELOC, refinance, private loans, family loans.
Mar 26th, 2022 4:50 pm
Statcan just released 2020 income numbers from tax filer data that showed median income increased substantially in 2020 by 7% when inflation was 0.72% in 2020 https://www150.statcan.gc.ca/n1/daily-quotidien/220323/dq220323a-eng.htm?HPA=1?utm_source=rddt&utm_medium=smo&utm_campaign=statcan-all-content-21-22 ...
Mar 23rd, 2022 8:03 pm
... we are trying to take out a home equity loan to renovate our house and pay off credit card debts. We are currently maxed out on mortgage based on income qualifications (6x income, mortgage is about 50% of the market value of house). I talked to Capital Direct and was offered a 100K loan at 6.95% ...
Mar 20th, 2022 11:05 pm
... living with other students (as Canada do not take Covid seriously). I used to remember that new immigrants/foreign buyers do not need to give any income proof for mortgage. But I tried a few banks, they all rudely told me that she/he need proof Canadian income. (income in Vietnam or Hong Kong ...
Mar 14th, 2022 5:39 pm
Is there a deadline?I'm just thinking that I could pay now, but if they edit my return, then I might have to pay again, so I think I'll just wait until April 30th or I get the NOA - whichever comes first.
Mar 13th, 2022 5:24 pm
... some paperwork I'm filling out. So last year from EI my T4E states I received $25,212.00 (in a box labeled '22' my T4E states $2904.00 as "Income tax deducted") From Social Assistance last year my T5 states I received $1674.27 (there is no box or any other boxes suggesting taxes deducted, ...
Feb 24th, 2022 11:54 am
Hi guys,How would I do my taxes this year with my rental property. It still hasn’t closed as it’s in interim occupancy but I had a tenant since September.Thanks
Feb 10th, 2022 11:07 am
I am in the process of loading up 2021 tax return using StudioTax. Started with first T5 of $24,000 (box13) interest income. StudioTax Summary indicate $902 net ontario tax (42800) >> $662 + $240 Ontario health premium When I added T5 entry of $7573 (box24), $10450 (box25), $1569 ...
Feb 7th, 2022 9:46 am
Hi there, I am hoping to know more about whether how banks evaluate small business (incorporated) owners' incomes when they apply for mortgage for their own homes. Specifically, if I am the sole owner of my company which hires myself on a fixed salary (T4 income), do banks take ...
Jan 13th, 2022 12:44 pm
Hi, I was looking at tax structure of 15% on incorporation tax plus income tax when transferred to your personal account as salary. Currently I have been taking IT consulting contract from USA. Is there any benefit to save additional tax if I establish LLC ...
Jan 10th, 2022 11:12 am
hiI am currently a senior relying on OAS and GIS. Thinking about downsizing to a smaller property.Would selling my primary residence affect my old age security and guaranteed income supplement? anyone encounter such situation before?thank you in advance.
Jan 10th, 2022 10:17 am
... been answered previously but I am unable to find it in this forum. My friend and I run a podcast/YouTube show that is starting to earn a steady income stream. We have not registered anything, and we are simply documenting everything we have earned so we can report this as additional income at ...
Dec 14th, 2021 7:37 pm
Fellow RFD'ers, There are so many nascent factors converging to disrupt the conventional model of the single income lifestyle. Socially, politically, economically, logistically, technologically, etc. As such, lately I've been thinking a lot about how to emancipate myself from ...
Dec 13th, 2021 10:48 am
Hello everyone.I am having trouble finding a good accountant who can do a tax return for a corporation under which I do stock trading (almost daily) and derive passive income.Any leads will be appreciated. Thanks.
Oct 30th, 2021 6:33 pm