Search results

We have a rental house purchased for 152000 with approx. 8000 renos and we've rented it for the past 3 yrs. for 1200/month. We also bought a large house for 290 000 (did approx. 50 000 renos to our portion) with an existing above ground apt., spent 20000 totally renovating the apt. and have...

Another consideration- a repair bill can be written off as an expense while new will only provide CCA deduction. Always considering the tax implications is an important part of the business- at least for me . . . but I pay a lot of income tax (salary outside of RE over 100k). S.G.

I'm not sure how handy you are but I built my own countertops for our 1 BR Apt. that was a complete reno. last year. I was able to make custom countertops (formica on plywood with tile backsplash) for less than half the price of laminate on particle board. S.G.

Yeah . . . wouldn't this cash flow at half of those numbers, i.e. 11500 p.a. which is roughly 1000/month? I don't believe any properties exist that you can purchase for 115 000 and then rent out for 2000/month, it's absurd! If they do exist show me where and I'm in! S.G.

Our daughter who has Down Syndrome whom we adopted at a year old and is currently almost four is one of the motivations behind our investment in real estate. I do not trust her future care to the state/society. When money is tight those in society who are most vulnerable may be warehoused in...

I can recommend someone further North in the Midland area- Dave Lalonde of Quantum Engineering/Innovative Homes. He prepared the plans to take out a 26 foot supporting wall in my house. The Building Dept. rubber stamped it because it was prepared by an engineer- it was only a couple of hundred...

I can recommend someone out of Midland- Jim Lavin Electric. He is a straight up guy and is pre-authorized with the ESA. He upgraded from 60 to 100 amp service at my rental house and installed a sub-panel for my apartment above our garage. You can mention that I referred you. Scot Gorecki

I'm partial to tile- I do tiling on the side. However, I'm really impressed with the new vinyl groutable tile products out there. I've installed them in our most recent reno./apt.. They install easily, look great but are softer and warmer on the feet. Why is your above ground apt. flooding...

I came across an interesting product at Canadian Tire for those of you with suited units. In Ontario the Fire Code allows for much less strict/intensive fireproofing between suited units if there are interconnected fire alarms. This can be a pain and possibly expensive to hard wire in but these...

Also, remember to get an RRSP loan and purchase an RRSP before this year`s deadline to max. out your contribution limit and then withdraw it to put towards your downpayment. Your income tax refund can then be put back on your loan and you`ll only have to replace the balance remaining at 1/15...

QUOTE (jcab256 @ Jan 21 2010, 11:25 AM) Question for all of you regarding what I should do for flooring in a house I am rehabbing for a rental, and targetting the middle to upper middle class of renter. There is a hallway that connects three bedrooms, the living room and kitchen, and I am...

QUOTE (invst4profit @ Jan 21 2010, 11:34 PM) If it were me I would sell the condo and find something with a better price to rent ratio. The reality is a $220,000 condo with a rent of $1350 does not, or at least will not, have positive cash flow when all the numbers are in. You are actually...

We got a second mortgage on our principal res. last year for the downpayment in order to skip the CMHC fee which is better than accessing an LOC because as discussed in another thread it does not go against our credit score as unsecured debt which frees us up to purchase additional property...

Also, another reason why you may want to go for the 35 yr. is that even though you will pay more interest it is fully deductible against your income so can lead to a nice refund. But again it depends on short term/ long term strategies and whether you are looking to continue to build your...

It is well worth your time to become knowledgeable about the CRA guide to Rental Property- I`ve set-up my files to mirror the categories. Tax advantages can make or break property- my property a single family dwelling with in-law has a slight neg. cash flow each month but when I factor in the...

I would consider getting an energy audit done and then look at installing new high efficiency furnaces and keep them tied to each of the units. If you don`t need any CCA deduction or don`t want to outlay the money look at renting the units which then become fully deductible while still...

We just purchased a rental property in Dec. through the Nat. Bank by getting a 2nd mortgage on our principal residence that we used for the downpayment and to skip CMHC fees. This second mortgage can be tracked separately so that we can deduct the interest for income tax purposes. Hi Mike...

I`ve lived in Midland for the past 11 years and have bought,built, renovated and sold 3 houses successfully moving up the property ladder. We`ve also just bought our first rental property- a single family house with in-law suite. I know the market fairly well and can put you in touch with the...

Regarding #6- go to Revenue Canada`s site and become familiar with all of the tax rules for rental properties- they will help you to make informed decisions. I`ve set my files up to mirror Revenue Canada so that when my taxes are prepared it will be easier for the accountant. S.G. QUOTE...

It depends . . . if you install new equipment you can claim CCA of 20% for 5 yrs. but if it is rental you can claim the full amount so you have to figure which is more advantageous. I have enough CCA so I`m going for renting the equip. since this can take me into a loss situation for tax...