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Hehe 04-19-2018 11:44 AM
I’d consult an accountant who knows his shit. But it’s considered hard to declare non resident status when he/she owns a place here.

It might not be in her best interest to start paying Canadian taxes again

twitchyzero 04-19-2018 12:00 PM
Quote:
Originally Posted by originalhypa (Post 8899011)
But geographically, it's a sandy, brown, flat, ugly place. The closest cities are Salt Lake to the north, and LA to the southwest.
:fullofwin:
if you can stand to live in the Mojave Desert where it hits 110 degrees I guess it's fine

to the guy with disgusting condo neighbours, is that around RIchmond Centre or around Metrotown?

originalhypa 04-19-2018 02:40 PM
^ the great thing about Vegas is that it knows it's history was birthed in crime. But they cleaned it up. Vancouver is still a cesspool.

Quote:
Originally Posted by Ludepower (Post 8898437)

Just blame the foreigners doe
Hey look, another case of foreigners messing with our real estate, and also our society as a whole.

Quote:
How Chinese gangs are laundering drug money through Vancouver real estate

Chemical factories in China’s booming Guangdong province are shipping narcotics, including fentanyl, to Vancouver, washing the drug sales in British Columbia’s casinos and high-priced real estate, and transferring laundered funds back to Chinese factories to repeat this deadly trade cycle,
https://globalnews.ca/news/4149818/v...ing-drugs/amp/

westopher 04-19-2018 03:03 PM
Lol there’s just as many Canadians doing that minus the Chinese factories part. I wish people would focus on the scum as a whole instead of certain demographics of scum.

roopi 04-19-2018 03:07 PM
Quote:
Originally Posted by TouringTeg (Post 8898841)
Just this morning I heard a story third hand so take it with a grain of salt.

Couple purchases home in Victoria and it goes up in value. They also own a 50% stake in an investment property (rented out). They have borrowed all the equity out of their primary residence for renos, travel to Europe, and nice cars. They decide to buy out their partner on the investment property by getting a line of credit.

The fixed 5 year term is up for renewal on their primary home worth about $720k. They have taken the max equity out so I assume the mortgage is pretty big. They also have to service the debt on the investment property and the line of credit. The bank said they must qualify at 5.09% and now they don't qualify for a mortgage on their own home. They were then offered a loan at 8% by the same bank as they are considered high risk. (!)

Now they are looking at alternative lending options (broker etc).

Pretty scary but they have no one else to blame.

I've never heard of having to re-qualify for a mortgage at time of renewal unless you are changing banks.

Badhobz 04-19-2018 03:13 PM
Quote:
Originally Posted by originalhypa (Post 8899039)
^ the great thing about Vegas is that it knows it's history was birthed in crime. But they cleaned it up. Vancouver is still a cesspool.



Hey look, another case of foreigners messing with our real estate, and also our society as a whole.



https://globalnews.ca/news/4149818/v...ing-drugs/amp/
ahhh fucking chinese, i blame myself for pricing myself out of housing market!!!! :okay:

JDMStyo 04-19-2018 03:23 PM
Quote:
Originally Posted by roopi (Post 8899041)
I've never heard of having to re-qualify for a mortgage at time of renewal unless you are changing banks.
Correct. Once you got it - you just roll it over unless you're thinking of changing variable/fixed/terms, etc. Then it'd be a new application.

B Lenders and non-bank lending is amazing for retail investors. You have guys and conveyancers/lawyers doing $20-100K lending at 6-10%.
Second charge on title, even better rates.

JDMStyo 04-19-2018 03:30 PM
Quote:
Originally Posted by Euro7r (Post 8899017)
I just bought a presale at River District. Glad it's East Vancouver, not as many mainlanders lol. Well I hope not as many, as I asked what the major demographics living in that area, mostly working class.
Wesgroup has transformed the area. Avalon 1-3 was a huge success - clients that picked up $300K 1BR 2 years ago is laughing as everything is $1000/ft anywhere reasonably close.
Their contract on those units - no assignments allowed so it's pretty black & white who they want - homeowners that live there.

Traum 04-19-2018 03:37 PM
Quote:
Originally Posted by JDMStyo (Post 8899045)
Correct. Once you got it - you just roll it over unless you're thinking of changing variable/fixed/terms, etc. Then it'd be a new application.

B Lenders and non-bank lending is amazing for retail investors. You have guys and conveyancers/lawyers doing $20-100K lending at 6-10%.
Second charge on title, even better rates.
We could be looking at a new normal where even mortgage renewals are subjected to close scrutiny, all thanks to the gradual adoption of a new International Financial Accounting Standard called IFSR 9:

https://askross.ca/2018/03/more-bad-...als-in-canada/

mikemhg 04-19-2018 03:44 PM
I've been saying this to folks for a long time now. This city is in the midst of a Fentanyl crisis. Where do people think this Fentanyl is coming from? Of course China, we're a port city, there have been rumblings for years now that this is an orchestrated effort by the Chinese government to undermine North America. This is definitely not a conspiracy theory, the truth is coming out.

It's comical that this city is experiencing a housing crisis, in addition to this overdose crisis, all part and parcel because our government's rampant greed.

When will we call a spade a spade in this damn city?


Quote:
Originally Posted by originalhypa (Post 8899039)
^ the great thing about Vegas is that it knows it's history was birthed in crime. But they cleaned it up. Vancouver is still a cesspool.



Hey look, another case of foreigners messing with our real estate, and also our society as a whole.



https://globalnews.ca/news/4149818/v...ing-drugs/amp/

Hondaracer 04-19-2018 03:59 PM
North America is also the #1 perscriber world wild of opioids for pain treatment. I think that is the base of the problem, most people dont just start on Fentynal and go from there

yray 04-19-2018 04:06 PM
https://globalnews.ca/news/4153752/v...esidents-vote/

heh, this pretty much got sweeped under the radar.

inb4 chinese coalition

Traum 04-19-2018 04:23 PM
Quote:
Originally Posted by yray (Post 8899055)
https://globalnews.ca/news/4153752/v...esidents-vote/

heh, this pretty much got sweeped under the radar.

inb4 chinese coalition
This is so fxxking stupid. Why would we ever want non-citizens to be able to vote?

The act of voting is one of the most important rights and responsibilities afforded to a citizen. If any Joe blow can gain the right to vote just because they are tax-paying permanent residents, you might as well fxxking sell the whole city, the whole province, and the whole country out to any willing foreign government(s) then.
FailFish

Who are these fxxktards in the City Hall again?!

mickz 04-19-2018 05:19 PM
Quote:
Originally Posted by Traum (Post 8898847)
I can't blame anyone for tapping into their HELOC or something similar to buy toys or vacations because I have certainly thought of doing the same thing at multiple points in my life. In my case, the plan is to pick up a nice, expensive vehicle that I would otherwise plan on purchasing / financing through other means anyway, and the HELOC is really just the lowest interest vehicle that I'd have access to among my options. But of course I would take my debt servicing capabilities into account before doing this.

Personally, I would only splurge on a long term (semi-)durable good -- ie. a nice car, a major home reno -- with my HELOC. One time stuff (such as a vacation) would not be something I'd consider. But the point is, at all times, you just have to be mindful of how much debt servicing capabilities you have. Insolvency due to stupidity, lack of planning, or poor planning is not an option.
Taking any amount out of your home equity to buy a car, reno or vacation is a terrible decision no matter what you buy. You are never going to see that money again. If I'm going to borrow from my home equity, whatever I'm buying better give me a worthwhile return.

Hondaracer 04-19-2018 05:34 PM
You’d be seeing a return in the savings on interest as opposed to using another means to obtain that money.

A heloc will almost always be a better rate than you’d get from a dealership on a vehicle. Reno’s you could potentially add value to your home and with that potentially have some tax write offs that would offset your loan etc.

I know there is obviously the train of thought thinking dont spend the money you don’t have, however, I think there is a lot to be said about getting things like Reno’s out of the way and actually enjoying your home as opposed to living in shitty conditions until you Reno a month before you sell in hopes of making a few extra bucks.

westopher 04-19-2018 05:56 PM
Quote:
Originally Posted by mickz (Post 8899063)
Taking any amount out of your home equity to buy a car, reno or vacation is a terrible decision no matter what you buy.
Absolutely not.
There are plenty of car purchases made in the last 10 years by people that have outpaced real estate investment.
You can drastically increase the value of your home with the proper renovations, sometimes netting double the ROI in a home sale.
There are people who's marriages, or careers have been salvaged by a desperately needed break to travel, or simply vacation.
Blanket statements about investments, or how others spend money, are for those that haven't bothered to actually learn about the possibilities, or can't see the big picture.

bobbinka 04-19-2018 06:03 PM
Quote:
Originally Posted by Traum (Post 8899012)
Quick question:

My cousin is a Canadian citizen with non-resident status, and she currently does not file a Canadian income tax return. Instead, she is currently working in Asia, and is considering to buy a place in (Metro) Vancouver -- both for medium term investment purposes and for generating income (ie. plan on renting it out for the time being). She may or may not move back to Vancouver in the future.

1) If she purchases a property, does she have to pay foreign home owner tax?

2) What are the tax implications when she starts renting the place out? Obviously, she will have to start filing (Canadian) income tax returns. My biggest concern and the question that I do not have the answer to is -- would she have to start reporting her Asia income, and get (Canadian) taxed on that as well?
Quote:
Originally Posted by Great68 (Post 8899016)
To answer your second question, to be charged Canadian tax on her Asian income she would have to be considered a "Factual Resident" of Canada defined as "Significant residential ties" to Canada. I'm not sure if her buying a condo would classify her as Factual Resident. It's possible, I'd call CRA to get the right answer. Here's some info on it: 6 must-know tax facts for Canadians earning abroad | CBC News
Just to add, an individual can also be a "Deemed Resident" even if they are not a "Factual Resident", in which case, world income would need to be reported. Whether an individual is considered to have residential ties depends on the circumstances of the individual and the actual answer can vary.

A non-resident who receives rental income does not automatically mean she would be required to file a return, as the tenant may be required to withhold (and remit) the tax directly.

If she purchases a property here, she should get a residency determination (at that time).

Tapioca 04-19-2018 07:19 PM
The best use of a HELOC is the Smith Manoeuver. However, the most conventional use of the HELOC is for investing in more real estate because most people don't understand stocks.

Renovations have earned pretty decent returns because young home buyers have been seduced by the Instagram-filtered aesthetic of Benjamin Moore paint, shaker cabinets and hexagonal kitchen backsplashes.

SkunkWorks 04-19-2018 08:35 PM
Quote:
Originally Posted by Traum (Post 8899012)
Quick question:

My cousin is a Canadian citizen with non-resident status, and she currently does not file a Canadian income tax return. Instead, she is currently working in Asia, and is considering to buy a place in (Metro) Vancouver -- both for medium term investment purposes and for generating income (ie. plan on renting it out for the time being). She may or may not move back to Vancouver in the future.

1) If she purchases a property, does she have to pay foreign home owner tax?

2) What are the tax implications when she starts renting the place out? Obviously, she will have to start filing (Canadian) income tax returns. My biggest concern and the question that I do not have the answer to is -- would she have to start reporting her Asia income, and get (Canadian) taxed on that as well?
Great68 summarized it already but to confirm further for #2, given what you've stated, she won't be taxed on her Asian income. She should only be taxed on the Canadian rental income.

twitchyzero 04-19-2018 09:35 PM
I'm more than okay with PR voting at civic level
seriously, just look at the turn-out in previous elections. If we're gonna take suffrage for granted, might as well allow many who've been denied rightful representation in their home country to exercise the rights that they'll likely receive in 3-4 years anyways
you gonna cry immigrants stick to their enclaves, don't learn the language and appreciate our values, then barring them from having a say in our policies is a little ironic

mickz 04-19-2018 10:10 PM
Quote:
Originally Posted by Hondaracer (Post 8899066)
You’d be seeing a return in the savings on interest as opposed to using another means to obtain that money.

A heloc will almost always be a better rate than you’d get from a dealership on a vehicle. Reno’s you could potentially add value to your home and with that potentially have some tax write offs that would offset your loan etc.

I know there is obviously the train of thought thinking dont spend the money you don’t have, however, I think there is a lot to be said about getting things like Reno’s out of the way and actually enjoying your home as opposed to living in shitty conditions until you Reno a month before you sell in hopes of making a few extra bucks.
Having leased and financed cars in the past, I'm not sure I'd go that route again regardless of who I'm borrowing from. It's not easy to watch your hard earn cash disappear with depreciation.

Quote:
Originally Posted by westopher (Post 8899070)
Absolutely not.
There are plenty of car purchases made in the last 10 years by people that have outpaced real estate investment.
You can drastically increase the value of your home with the proper renovations, sometimes netting double the ROI in a home sale.
There are people who's marriages, or careers have been salvaged by a desperately needed break to travel, or simply vacation.
Blanket statements about investments, or how others spend money, are for those that haven't bothered to actually learn about the possibilities, or can't see the big picture.
People who purchase cars as investments will have enough cash to buy it outright. These collectors are not your average motorist who may require financing to buy a daily driver that will depreciate once they drive it off the lot.

I'm not going to tell others how to spend their money but if they want to borrow to go on vacation that's their choice. I go on multiple trips every year and I've never once had to borrow. That's what budgeting and saving are for.

6thGear. 04-20-2018 07:11 AM
Quote:
Originally Posted by Euro7r (Post 8899017)
I just bought a presale at River District. Glad it's East Vancouver, not as many mainlanders lol. Well I hope not as many, as I asked what the major demographics living in that area, mostly working class.

When it's done, I'll see whether I want to keep and live in it or sell it. Reason is mainlanders disgust me, no manners and don't give a fuck. I've lived in a house my entire life, even though I don't talk to any of my neighbours, each respect their own property and mind their own business. E.g. No one dumping shit around or making surrounding area dirty. With condo living, even if the fucking garbage room is right in front of them, they'll dump shit all over the place anyways. Had my buddy show me pic of this mainlander dumping french fries in the parking lot sewer drain at his condo building when the garbage room is literally right there....
Welcome! We're going to be neighbors! I think you'll like it hear. Lots of young families or retired couples and if you have a dog or thinking of getting one there's a good trail down by the river and it's very dog friendly here.

Quote:
Originally Posted by JDMStyo (Post 8899047)
Wesgroup has transformed the area. Avalon 1-3 was a huge success - clients that picked up $300K 1BR 2 years ago is laughing as everything is $1000/ft anywhere reasonably close.
Their contract on those units - no assignments allowed so it's pretty black & white who they want - homeowners that live there.
The biggest jump in 1BR has been this past year. My MIL bought 1BR last year and it was closing in on $350K and the new builds are close to $500k. I bought mine close to 5 yrs ago and it was $310k.

yray 04-20-2018 08:50 AM
Quote:
Originally Posted by twitchyzero (Post 8899096)
you gonna cry immigrants stick to their enclaves, don't learn the language and appreciate our values, then barring them from having a say in our policies is a little ironic
Look at the richmond chinese strata.

They'll stick in their conclaves and whack the bush with their dumb ass policies and guess who has majority.EleGiggle

originalhypa 04-20-2018 11:59 AM
Quote:
Originally Posted by westopher (Post 8899040)
Lol there’s just as many Canadians doing that minus the Chinese factories part. I wish people would focus on the scum as a whole instead of certain demographics of scum.
Oh yeah, sure. Just because Doug the welder is moving a few oz's of weed, hes just like the triads buying up multi million dollar houses.

I can't roll my eyes hard enough at this reply.

welfare 04-20-2018 12:36 PM
Quote:
Originally Posted by yray (Post 8899055)
https://globalnews.ca/news/4153752/v...esidents-vote/

heh, this pretty much got sweeped under the radar.

inb4 chinese coalition
hmmmm i wonder who's influencing this push..


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