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  1. moparcanuck

    CRA allows you to use RRSP money to buy investment property.

    Thanks Thomas, I read this thread this morning, and have been pondering it today. I don't think anything has really changed either. CRA has always allowed non-arm length mortgages in your RRSP, with 2 stipulations: 1. It has to be an insured mortgage 2. It has to be at 'commercial...
  2. moparcanuck

    Mother Needs Mortgage Advice - ASAP

    One comment that sticks in my mind. She is paying 2.64% and due to her limited income can not afford to pay a whole lot more than this? 2.64% is incredibly low, and rates can't stay there forever. We don't have all the details (like how long is left on the amortization, what the house is...
  3. moparcanuck

    Washing Machine

    That actually brings up another good point. What are others replacing their washer/dryer sets with when they need to be changed out? Old style machines are definately cheaper, and even maybe a bit more durable (less features means less problems in my books overall), but there is a bit of an...
  4. moparcanuck

    Washing Machine

    Firstly, I'm going to state that I've got no personal knowledge as I've never even heard of these before. How do they relate in terms of cost? Certainly they would be cheaper to run, as no hot water=energy savings. However, unless they're a whole bunch cheaper than a 'normal' machine, why...
  5. moparcanuck

    Mortgage calculator that adjusts for increased payment(s)?

    There used to be a program called TValue that was extremely flexible in different scenarios (changes to payments, lump sums, interest rates, etc). American product, but it would calculate on Canadian mortgages as well. I did a quick search and see that it is still available. The version I...
  6. moparcanuck

    Will You Purchase This Mixed Use Rental Property?

    If you're getting into commercial rent, ESPECIALLY if it's mixed use on the same property, make sure you have an accountant who is VERY good at GST/HST. You can very quickly get caught up in problems with change of use, allocating expenses, etc.
  7. moparcanuck

    lease/option and HST

    HST is only applicable on either commercial property or brand new residential property. When you say it's a vacation property, I assume that means that it was a 'get away' type property in which case HST would not apply. That being said, if you were renting it out on a short term basis (less...
  8. moparcanuck

    Property Manager Keeping Lease Confidential

    I don't think that it should be confidential. In fact, you may need a copy if you're trying to get another mortgage and have to prove the rent from that lease.
  9. moparcanuck

    Rebate on Sale CRA implications

    The only addition I can offer is that the side offers (such as paying moving expenses) would likely not count as 'expenses', but rather as an outlay for disposing of the asset, which would reduce the capital gain. IE, you paying moving expenses would not be something you would normally do in...
  10. moparcanuck

    HST when buying multiunit apartment building

    This is getting into a complex part of GST/HST law, and I would recommend you get yourself a good accountant and make sure to make it very clear to them that you are wanting to make sure to stay onside with both Income Tax AND GST/HST (for many accountants, GST is an afterthought, if any...
  11. moparcanuck

    Accounting - multiple bank accounts?

    I have to agree with everyone here. Different account for each JV, and certainly NEVER mix business with personal banking. Not only is it hard to keep track of, it's a nightmare if/when CRA comes calling.
  12. moparcanuck

    Can anything be done?

    Who notified you that you had to be out by the end of September and when were you notified? I've never looked specifically into a foreclosure type notice to vacate, but I believe when a house is sold, you have to be given 3 months notice, which would put you into November. Just make sure to...
  13. moparcanuck

    New Home Construction Sales Tax?

    First off, and biggest piece of advise, you're dealing with very large numbers and the sales tax can be a bit hit if you do it wrong. Get an accountant who understands GST/HST on real property. That being said: If you build a home and sell it, the buyer would pay you HST. They may or may...
  14. moparcanuck

    How to purchase a mobile home

    Hey all, Looking to purchase my first mobile home (ironically, it's in a mobile home park I own, but never owned any of the units up until now). I've heard through the grapevine that since the purchase of just the mobile home does not involve Land Titles, that pretty much any Bill of Sale...
  15. moparcanuck

    Slave Lake House Prices

    I want to start off the response by saying I do not have any places in Slave Lake, nor am I looking at any. Frankly, too far away for me. That being said, I have thought the same question. I have come to the conclusion that I don't have an answer. There's so many variables. Some people...
  16. moparcanuck

    Your thoughts re: pets

    Rather timely article (found on a REIN tweet) on the subject: http://thechronicleherald.ca/Business/1244446.html
  17. moparcanuck

    Your thoughts re: pets

    Just closing on my first property where there's a question of pets being allowed or not (all my other properties were 'no brainers' either to yes, for the mobile home park, or no, for condos where they weren't allowed). How do others feel about pets? Obviously there's a risk for additional...
  18. moparcanuck

    Capital Gains on Rental property?

    While it is possible to have tax due without actually selling something, usually via a 'deemed sale', that would not appear to be the case here. With a change in use from a principal residence to a rental property, you do indeed have a deemed sale. Even though you haven't sold the property...
  19. moparcanuck

    Question on Real Estate Inventory viz capital gain

    Heh. I can certainly understand the confusion, but yes, I do believe it was meant as a little tongue in cheek, and has to be read imagining the wry smile on his face. That being said, I guess when reading the forums, a sense of humor is an asset (just don't try to list it on your balance...
  20. moparcanuck

    Question on Real Estate Inventory viz capital gain

    The purchase of inventory in any business is not an expense at the time of that purchase. It is only an expense when it is eventually sold. If you take the profits from your first sale, and buy any asset, that asset simply goes on your balance sheet (as an asset), not on your income statement...
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