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Sold my house in 2020, do I have to report Capital Gains on my income tax?
I sold a house in 2020, however the closing is in 2021, do i have to report capital gains on my income tax for 2020? how does capital gains work when you buy and sell a house?
- GoodFellaz
- Jan 13th, 2021 11:37 am
- Forum: Personal Finance
- Personal Finance
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Jan 13th, 2021 11:37 am
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Retirement Income Question
... take vacations or travel so no expenses there. Savings: they have about 75k in just a savings account. My question is: I want to suggest a monthly income fund/place to put their 75k so they have some income they can count on. What is the best place for them to invest or put their savings so they ...
- surfer007
- Jan 9th, 2021 7:34 pm
- Forum: Personal Finance
- Personal Finance
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Jan 9th, 2021 7:34 pm
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Borrowing to invest - proving funds used solely for income generating
Hi All, Quick question for my situation here. I recently refinanced my rental mortgage to obtain 100k cash because I thought I needed the extra funds to close a pre-construction property. However, at the end I was able to qualify for the mortgage amount I needed for the pre-con. At this point, can I...
- btcoma
- Jan 9th, 2021 1:59 pm
- Forum: Investing
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How much net passive income do you derive from your investment properties?
For investors of this forum, what is your net cashflow per month? Net cashflow is defined as: rent - maintenance (average per month) insurance taxes management fees mortgage payment Have you achieved financial independence using real estate investments? If not, do you think you will be able to in th...
- RaC1550
- Jan 3rd, 2021 10:53 pm
- Forum: Real Estate
- Real Estate
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Jan 3rd, 2021 10:53 pm
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Does Parent's TFSA income affects OSAP? How to calculate the TFSA Income?
Does Parent's TFSA income affects OSAP? How to calculate the TFSA Income?Is it based on balance sheet in statement Jan and Dec or based on trading capital gains+dividends?I was asked to provide support docs related to TFSA income when the entered number in OSAP is bigger than 3000.
- lhq2100
- Dec 18th, 2020 3:54 pm
- Forum: Personal Finance
- Personal Finance
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Dec 18th, 2020 3:54 pm
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Will Parent's TFSA income affects OSAP? How to calculate the TFSA Income?
Is it based on balance sheet in statement Jan and Dec or based on trading capital gains+dividends?I was asked to provide support docs related to TFSA income when the entered number in OSAP is bigger than 3000.
- lhq2100
- Dec 18th, 2020 9:28 am
- Forum: Students
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[Telus Mobility] Mobility for Good - 3GB for $25/mo plus free refurb phone (low income seniors only)
Repost apparently , not sure why it's expired when it's not? Only eligible for low income seniors receiving GIS payments, proof required . Mobility for Good Mobility for Good® for low income seniors provides Canadian seniors receiving the Guaranteed Income Supplement ...
- AoiSora7
- Dec 9th, 2020 3:52 am
- Forum: Expired Hot Deals
- Expired Hot Deals
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Dec 9th, 2020 3:52 am
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Sole Proprietorship: Expenses are more than income
Hello everyone, I've been claiming business income for the past few years on my income taxes. It has grown slow but steadily from several hundred dollars to a few thousand dollars. A nice little side hustle as I'm employed full time in a busy career. ...
- TylerK
- Nov 19th, 2020 11:35 am
- Forum: Entrepreneurship & Small Business
- Entrepreneurship & Small Business
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Nov 19th, 2020 11:35 am
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Canoe Income Fund Cash Redemption ( EIT-UN-TO)
Voluntary Annual Cash Redemption - Unitholders wishing to redeem their units must provide notice of their intent to do so with their investment advisor or brokerage office no later than November 17, 2020. This is the first time, as unit holder, I have got this opportunity. 2 questions - 1) Is it adv...
- vivmk20
- Oct 15th, 2020 6:44 pm
- Forum: Investing
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[Other] 2020/10/25 One Income Dollar - Chef's Plate Box (Instagram, QC OK, NEW CUSTOMERS ONLY)
I've partnered with my mom One Income Dollar to give away TWO Chef's Plate boxes valued at up to $75!! VALID FOR NEW CUSTOMERS ONLY. https://www.instagram.com/p/CF7xiCABKLQ/ Note you can tag ONE person on each post, for a MAXIMUM OF TWO ...
- erikarowe
- Oct 5th, 2020 3:53 pm
- Forum: Expired Contests
- Expired Contests
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Oct 5th, 2020 3:53 pm
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Question Regarding US Foreign Income in Canada
I haven't been able to find the answer to this online - hoping someone here may have a good idea. My questions all relate to foreign income earned in Canada (US dollars), while being a citizen/living here in Canada. My questions are as follows (some I believe I have the correct answers to, ...
- nepper
- Oct 4th, 2020 4:08 pm
- Forum: Personal Finance
- Personal Finance
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Oct 4th, 2020 4:08 pm
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200k income - 1m dollar home - thoughts?
... some unbiased opinions. Background - 28 years of age - just married, want to start a family and looking for new home - 200k annual gross household income - no external debts. no car payments or credit card or line of credit. - no financial obligations to parents/siblings as they do well for themselves ...
- zonnie
- Sep 29th, 2020 12:06 pm
- Forum: Real Estate
- Real Estate
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Sep 29th, 2020 12:06 pm
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Income to qualify for CERB
... someone here can help. His English is very bad so he can't call any official #s This person received $1500 gross in September as self employment income and he already received CERB as well for the month of September. 1500 includes 13% tax he collected and he has to give back to the government. ...
- dazz
- Sep 26th, 2020 2:05 pm
- Forum: Personal Finance
- Personal Finance
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Sep 26th, 2020 2:05 pm
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We quit our jobs—and gave up a combined income of $400,000—to sell used kids’ clothes online
... I earned more than $100,000 per year. Husband, I was working for a financial company in corporate development and acquisitions, with an annual income of more than $250,000. My last day was June 12. Including bonuses, we were giving up a combined salary of almost $400,000. https://torontolife.com/city/life/we-quit-our-jobs-and-gave-up-a-combined-income-of-400000-to-sell-used-kids-clothes-online/ ...
- Tugendhat
- Sep 22nd, 2020 7:05 pm
- Forum: Off Topic
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How to balance income and expenses in a positive cash flow situation
... to windows, to water damage in the basement, always some kind of big ticket item that HAD to be done, which always aligned my rental property income close to the level of its expenses. It's just the way it was. So far this year, despite the craziest year I can recall, where each month some ...
- bartyb
- Sep 15th, 2020 10:37 pm
- Forum: Real Estate
- Real Estate
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Sep 15th, 2020 10:37 pm
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only rich can afford having kids
Is the rich can afford to raise family in this city? wages are low and child care is super expensive. no single family man can raise his wife & kids. what do you guys think?
- picard12
- Aug 28th, 2020 9:35 am
- Forum: Off Topic
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Investing $500,000 / Consistent Income
What would be the best way to invest $500,000 and have a consistent passive income? Would real estate be a wise option? Perhaps buying two condos and renting it out? Airbnb?
- AmirF665
- Aug 25th, 2020 7:01 pm
- Forum: Personal Finance
- Personal Finance
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Aug 25th, 2020 7:01 pm
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Reassessment of Income
Hi, It hit me last night that I forgot to include about $5000 in business income I earned in 2018. I'm not used to income that isn't accomodated by a T4. Fortunately I do have the RRSP contributions to offset it at the same time without affecting 2019 taxes as ...
- xtreemboarder
- Aug 12th, 2020 10:29 am
- Forum: Personal Finance
- Personal Finance
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Aug 12th, 2020 10:29 am
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[Once] 2020/08/30 One Income Dollar - Winner's Choice $50 Gift Card (Instagram, QC OK)
I've partnered with my mom One Income Dollar to give away a $50 gift card of the winner's choice!! https://www.instagram.com/p/CDry9S8BZTz/ Note you can tag ONE person on each post, for a MAXIMUM OF TWO ENTRIES per person. To clarify, you ...
- erikarowe
- Aug 9th, 2020 6:10 pm
- Forum: Expired Contests
- Expired Contests
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Aug 9th, 2020 6:10 pm
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How much passive income does a typical growth oriented investment portfolio generate?
OK, I realize this is an extremely vague and n00bish kind of question with a ton of variables, but nonetheless I'll ask it, just because. Passive income would be based on total interest and dividends, but only 50% of realized capital gains, so I'm thinking a growth oriented portfolio without hyperactive ...
- EugW
- Jul 18th, 2020 11:41 pm
- Forum: Investing