All Forum Posts by: Chris Habets

There is not! And also I'm surprised your BC group has a tenant registry, it's commonly accepted here that they're illegal because of privacy laws.  

Unfortunately there's no legal recourse right now. Document all your attempts to offer partial payment or payment plans, it'll help with the hearing when it does come. If you need to ask your bank for mortgage deferral. 

My crystal ball tells me that there will be continued struggles there for a while, but oil ain't dead and we can hope that the province actually diversifies next time. 

Hi Joe, try the Ottawa public Library - you can borrow digital books from home on your phone or tablet through "Libby" or Overdrive. If you don't already have a library card you're kind of out of luck until they open the branches again. 

You can also sign up for free trials of audible and blinkist to listen to one or two books for free. 

2% is great but high payments is bad. The plan looks solid in theory. Talk to a local mortgage broker and make sure it'll fly, otherwise why not?

I'm in Ottawa and I use my uncle. Not that I've bought here for a bit. He's an investor as well. But my requirements for a buy agent are simple - reply quickly and give me more data and information than any other client will want. Send it all. 

@William Wong - I do not have a corporate structure, the costs associated with it did not provide enough benefit in my opinion. If you hold real estate and don't have (6 I think) employees then rent income is taxed at the highest marginal tax rate. What is often done is you have three+ corporations - one to hold each property, one active property management company, and a holding company. The property management company tries to take all the profit - you pay it a management fee and maintenance fees, anything reasonable, to make the corporation holding the property effectively making no money annually. The top tier holding company let's you transfer money from the property management company to the holding company so that if you get sued (either the property or the management), that money is protected. Google "three tier property investment Ontario". But you do all of this to reach a 15% tax rate, but you pay an accountant for corporate tax returns... And you can CCA the properties to pay little tax up front anyway if you want. Personally I felt that this was a lot of work for little gain. Make sure you have $2 million liability insurance. 

@William Wong - so I just looked at my return, and you pay taxes in the province you live, not the province the real estate is in. The same T776 form and only that. Or at least that's how I've done it and how my software went through it.

Looks like it's still just the t776. Noting special there. I'll try to look at my return (almost done) in the next week or so. Remind me?

My understanding is your rental property in Quebec will be taxed at Quebec rates. But since I'll be filing my first two provide return shortly I'm going to watch this thread.