Speaking of above

Anyone here stay "single" and double up on two primary residences for tax purposes?

^ won't it eventually catch up with you? Vancouver has been quite busy auditing people empty home declaration with stringent requirement of utility bills, etc. for 6 straight months.

is that on your dating profile?

hawt. im sure that makes vancouver girls wet

I mean.... Lets say 2 people rent together

"One" buys a condo "solo", live together, then 2 years later the other buys a condo "solo" > live in it for a month, rent it out > qualified.

It would need to be the perfect storm tho, taxes would need to be seperate, address seperate (parents place? for one person)

If theres a will theres a way

Nothing makes vancouver skanks wet, only starbucks and yuppie avotoast

no way! skanks are all about fiscal responsibility.

Pretty sure they all walk around holt renfrew with goop in their pants dreaming of shoving luxury items up their twats... wait what?

Ask Manic. His cousins would know.

Yes.

This is correct. Have only one person on the mortgage/title. If you have second name, you dun goofed.

Source: Close friend of mine from high school made the mistake with his fiance recently.

having one name on the deed when buying with a fiance/gf is kinda dangerous, is it not? If your partner proposed it and say, 'let's just put my name on it for now so we can get another condo later', would you be OK with that? Nowadays people split up quite often. So what happens in that situation if the partner whose name is not on deed?

Secondly, what if you need both parties name to qualify for that mortage?

Good idea in theory but not in reality.

thats why you cosign , its better than any prenup

:troll:

:okay:

already mentioned above .... at 7% i can't see people not joining names on their mortgages.

whatever they do... what's worse is if they ever catch you and then reports you to CRA... that's when it becomes a huge issue. No one wants 7 yrs of CRA being re-audited.

I believe once you're at least common law it doesn't make as much of a difference and that the partner loses the ability to be a first time home buyer. My wife (was gf at purchase) isn't on any of the paperwork but when we checked she can't claim FTHB if she went and bought a place.

Also sadly $525k doesn't get you a ton these days.

Yeah, there is zero chance I would keep my name off the title. I probably would have done this when I was younger, but as you get older you hear about too much shit going down. Penny wise, pound foolish as some would say.

Don’t marry someone who’s going to fuck you? lol

Swear people get married and don’t even know the person they are marrying

Was told to buy a place before marriage if we were planning to use her exemption or else she would lose her first time home buyer exemption through marriage.

that's why you need the guilt of the church. At least then you would feel like you're breaking something more sacred than a lame ass governmental contract.

If you can meticulously track and prove all the payments that you've contributed towards the mortgage, I'm sure a good lawyer can help you get back the portion of the property you are entitled to -- minus the huge chunk that the same said lawyer would take a bite out of.

Wait... isn't that the whole point of getting married in the first place? That's the whole point of this chastity BS. :toot:

Gotta split with a bro then, he won't leave ya

Realistically, if you are willing to commit tax fraud, there are lots of ways to not pay taxes... until you get caught. I do not believe it is practical to do the above strategy even it was legal, which it most certainly is not.

The much smarter, and also legal, way to do this is instead of having two condos, pool the money, and buy a house with a suite in it. CRA does not generally disallow capital gains on your primary residence even if it has a suite in it, which is in effect "free capital gains on an investment property" if you think about it that way. (This is my understanding, I'm not a lawyer, nor a tax accountant, seek independent advice, blah blah).

-Mark

^ that boat was great until the wife doesn't feel "safe" regarding the mortgage helper.

Now, I'm and some freinds are stuck with a huge ass mortgage which no help at all...

All you have to do is be the principal residence for the first year, so all you have to show is you lived there for six months + one day.

So donk's example can work quite easily without committing fraud. Both you and your partner can do it and satisfy all requirements. You can even airbnb one of the suites because it's your principal residence. It's not that difficult, nor is it illegal. Just play the game by the rules and you're Gucci Mannnneee

If you want to talk morals and ethics that's a different story.

Building a basement suite was one of the best financial decisions I’ve ever made. It’s obviously not for some nor is it a good use of space if you have kids etc. but for us, our portion of 1500sq ft or so is more than enough.

Our 700sq ft basement suite has generated almost $150,000 in 7 years

A family I know is renovating their basement and I asked if they're making it into a rental suite and they said, "No". They want the space for their growing family, they currently have a three-year-old son with potentially another on the way.

Just like you, they have close to 1,500 sqft and close to 700 sq/ft in their basement.

This is the same family who needs to take a LOC to go on vacation, which they do.

I have 1,200 sq ft with two kids and yeah, I want my basement too, but to give up that revenue is stupid, especially in our current market. Sometimes you have to make sacrifices, which I feel like my generation doesn't like to do .

https://i.imgflip.com/8eu33n.jpg


This is a thing?????? My god........ No offense but those women should also never leave the house and wrap themselves in bubble wrap + a life jacket

If im not mistaken, its actually "a day", not 6 months+.

There is nothing written in the tax/legal code stating its 6 months. You just need "intention" of it being your primary residence, and or "intention" of returning back into the unit if its rented out for 5 years. Add in a single internet bill / electricity bill under your name for "proof" and your good to go.