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Posted by: Garth Chapman
Calling your Mortgage Broker when your mortgage is about to mature is akin to getting a second opinion on a medical diagnosis. So when your mortgage is soon to mature, for the sake of your financial health, please do make that second opinion call to your Mortgage Broker. He or she might advise you that […]
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With the current low value of the CAD against the USD travelling Canadians are once again paying close attention to the costs of exchanging their Canadian dollars (CAD) for USD or other currencies. I have generally found that the fees charged by the banks for this service are higher that what is available from other […]
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On your tax return you have the option to depreciate your buildings (to claim CCA). The elements of this to consider include those below, and perhaps others as well. This is both a tax planning decision and a mortgage qualification capacity decision. Here are 8 key points to understand and consider when deciding whether to […]
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The good news begins with a generous definition of who is a first time home buyer: to qualify as a first-time home buyer, which generally means you and/or your spouse (whoever will be on the Title and Mortgage for the home) must not have owned a home in Canada for 4 years. And now, to the […]
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Many Canadians own a vacation property, aka cottage or cabin. And when it comes time to sell that property, as we learned when we sold ours in 2015, there are many things to consider. Not the least of these is the potential tax burden on the sale, which comes in the form of Capital Gain […]
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More and more often in the last decade or so when Canadians buy or build a new home they have been electing to keep their existing home and convert it to a rental property. Now not all homes make good rental properties, either for economic reasons or due to location or property type, but in […]
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Couples who own rental properties will often have different income levels which can result in sometimes vastly different income tax rates. So when reporting the Net Rent Income on your tax return most will simply split the Net Income 50/50 as that is the usual ownership split. But are there ways to split the income […]
Read MoreInvestment (Rental) Properties
Posted by: Garth Chapman
Of interest to property investors who want to buy Suited Houses in Alberta will be a significant recent change to procedure made by RECA as a result of a recent lawsuit by a buyer of a property that was deemed to be improperly or incompletely described. The result of all this is that REALTORs® are […]
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I have purchased well over 100 residential properties since 2002, and I learned early on that it is much easier to finance a property when it is held in your personal name rather than in the name of your Corporation, and this is especially so when dealing with new Corporations. In fact these days there […]
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So what is a Capital Gain, as defined in Canada? Well, Duhaime’s Law Dictionary defines it here as follows: Capital gain or capital gains is an accounting term but one with substantial relevance to tax law as jurisdictions are wont to tax capital gains when the capital asset is sold or otherwise disposed of, just as tax-payers would then seek tax credit or deduction […]
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