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02-05-2024, 07:53 AM
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#29976 | | in the butt
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Speaking of above
Anyone here stay "single" and double up on two primary residences for tax purposes?
__________________ Quote:
Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by mikemhg
Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.
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02-05-2024, 08:05 AM
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#29977 | | I answer every Emotion with an emoticon
Join Date: Nov 2002 Location: 604
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^ 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.
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02-05-2024, 08:12 AM
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#29978 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2016 Location: Ricemond
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| Quote:
Originally Posted by donk.  Speaking of above
Anyone here stay "single" and double up on two primary residences for tax purposes? | is that on your dating profile?
hawt. im sure that makes vancouver girls wet
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02-05-2024, 08:14 AM
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#29979 | | in the butt
Join Date: Aug 2016
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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
__________________ Quote:
Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by mikemhg
Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.
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02-05-2024, 08:15 AM
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#29980 | | in the butt
Join Date: Aug 2016
Posts: 2,851
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| Quote:
Originally Posted by Badhobz is that on your dating profile?
hawt. im sure that makes vancouver girls wet | Nothing makes vancouver skanks wet, only starbucks and yuppie avotoast
__________________ Quote:
Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by mikemhg
Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.
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02-05-2024, 08:17 AM
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#29981 | | RS.net, helping ugly ppl have sex since 2001
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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?
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02-05-2024, 08:18 AM
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#29982 | | RS Veteran
Join Date: Dec 2001 Location: GTA
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Ask Manic. His cousins would know.
__________________ Quote:
Originally Posted by BIC_BAWS I literally do not plan on buying another vehicle in my lifetime, assuming it doesn't get written off. | | |
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02-05-2024, 08:20 AM
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#29983 | | RS Veteran
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Originally Posted by Hondaracer If your name is on title or on the mortgage, your SOL for first time home buyer as far as I understand | 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.
__________________ Quote:
Originally Posted by BIC_BAWS I literally do not plan on buying another vehicle in my lifetime, assuming it doesn't get written off. | | |
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02-05-2024, 08:40 AM
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#29984 | | I answer every Emotion with an emoticon
Join Date: Nov 2002 Location: 604
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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.
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02-05-2024, 08:48 AM
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#29985 | | Rs has made me the woman i am today!
Join Date: Jan 2012 Location: PENIS
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thats why you cosign , its better than any prenup  
__________________ There's a phallic symbol infront of my car Quote: |
MG1: in fact, a new term needs to make its way into the American dictionary. Trump............ he's such a "Trump" = ultimate insult. Like, "yray, you're such a trump."
| bcrdukes yray fucked bcrdukes up the nose
dapperfied yraisis
dapperfied yray so waisis
FastAnna you literally talk out your ass
FastAnna i really cant
FastAnna yray i cant stand you
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02-05-2024, 08:52 AM
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#29986 | | I subscribe to the Fight Club ONLY
Join Date: Apr 2004 Location: BC, HK, USA
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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.
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02-05-2024, 09:24 AM
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#29987 | | To me, there is the Internet and there is RS
Join Date: Apr 2007 Location: Okanagan
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| Quote:
Originally Posted by whitev70r 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? | 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.
__________________ 1991 Toyota Celica GTFour RC // 2007 Toyota Rav4 V6 // 2000 Jeep Grand Cherokee
1992 Toyota Celica GT-S ["sold"] \\ 2007 Jeep Grand Cherokee CRD [sold] \\ 2000 Jeep Cherokee [sold] \\ 1997 Honda Prelude [sold] \\ 1992 Jeep YJ [sold/crashed] \\ 1987 Mazda RX-7 [sold] \\ 1987 Toyota Celica GT-S [crushed] Quote:
Originally Posted by maksimizer half those dudes are hotter than ,my GF. | Quote:
Originally Posted by RevYouUp reading this thread is like waiting for goku to charge up a spirit bomb in dragon ball z | Quote:
Originally Posted by Good_KarMa OH thank god. I thought u had sex with my wife. :cry: | | |
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02-05-2024, 09:42 AM
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#29988 | | My homepage has been set to RS
Join Date: Jun 2013 Location: Burnaby
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| Quote:
Originally Posted by whitev70r 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. | 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.
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02-05-2024, 10:13 AM
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#29989 | | I have named my kids VIC and VLS
Join Date: Oct 2001
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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
__________________
Dank memes cant melt steel beams
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02-05-2024, 10:20 AM
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#29990 | | Performance Moderator
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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.
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02-05-2024, 10:23 AM
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#29991 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2016 Location: Ricemond
Posts: 9,185
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Originally Posted by Hondaracer 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 | 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.
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02-05-2024, 10:27 AM
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#29992 | | Orgasm Donor & Alatar owned my ass twice!
Join Date: Aug 2007 Location: Paradise, BC
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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.
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02-05-2024, 10:29 AM
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#29993 | | Orgasm Donor & Alatar owned my ass twice!
Join Date: Aug 2007 Location: Paradise, BC
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Originally Posted by Hondaracer Don’t marry someone who’s going to fuck you? lol | Wait... isn't that the whole point of getting married in the first place? That's the whole point of this chastity BS.  | |
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02-05-2024, 10:52 AM
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#29994 | | RS has made me the bitter person i am today!
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Originally Posted by whitev70r 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. | Gotta split with a bro then, he won't leave ya
__________________
2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned]
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02-05-2024, 02:09 PM
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#29995 | | Old School RS
Join Date: May 2004 Location: Port Moody
Posts: 4,596
Thanked 4,042 Times in 1,232 Posts
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Originally Posted by donk. 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 | 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
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I'm old now - boring street cars and sweet race cars. | |
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02-05-2024, 03:18 PM
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#29996 | | I subscribe to the Fight Club ONLY
Join Date: Apr 2004 Location: BC, HK, USA
Posts: 7,498
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^ 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...
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02-05-2024, 07:58 PM
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#29997 | | My homepage has been set to RS
Join Date: Jun 2013 Location: Burnaby
Posts: 2,444
Thanked 2,927 Times in 778 Posts
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| Quote:
Originally Posted by lowside67 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 | 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.
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02-05-2024, 08:12 PM
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#29998 | | I have named my kids VIC and VLS
Join Date: Oct 2001
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Originally Posted by 6793026 ^ 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... | 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
__________________
Dank memes cant melt steel beams
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02-05-2024, 08:36 PM
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#29999 | | My homepage has been set to RS
Join Date: Jun 2013 Location: Burnaby
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Originally Posted by Hondaracer 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 .
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02-05-2024, 09:03 PM
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#30000 | | in the butt
Join Date: Aug 2016
Posts: 2,851
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Originally Posted by lowside67 Realistically, if you are willing to commit tax fraud, there are ....... |  Quote:
Originally Posted by 6793026 ^ 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... | 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 Quote:
Originally Posted by PeanutButter 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.
| 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.
__________________ Quote:
Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by mikemhg
Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.
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