All Forum Posts by: Chris Baxter

@Anthony Therrien-Bernard

@Kevin McGuire  fantastic perspective that saves me from writing a similar reply.  If you think ON is bad (which it is, I sold all our properties there prior to the pandemic), NB instituted RETROACTIVE rent control this year.  Landlords were forced to cancel planned rent increases AND return rents that exceeded the increase (retroactive to Jan 1), even if those funds had already been deployed to better the units for tenants. For those of us that kept rent increases below market during the pandemic, we are now providing housing subsidy in perpetuity. 

@Bruce Woodruff curious on you statement that it makes 'the govt a part owner of the property'.  I feel like the government is ACTING like it owns the property, but the burden of providing housing subsidy falls to landlords. 

@Bill B. We have different rules in each province and most favour the tenant with rent control.  Some provinces even tie rent to the unit (not the tenant).

@Ian Dale Ibrado  what's the context?  Are you flipping the property (if so, who is your intended buyer)? Are you looking to buy / hold /rent?  Understanding the desired end use is key to your question.

@Steven Foster Wilson Canada has a completely different legal and tax system than the USA.  LLCs do not exist here.

Thanks for sharing @Leon Doucette.  Keep us posted on progress!

Thanks for sharing @Leon Doucette

@Lorie Alexandria Have a read through this book Legal, Tax , & Accounting Strategies for the Canadian Real Estate Investor by George Dube. It covers all aspects of structuring REI. Regardless of what option you choose, you must create a written agreement with your sister to formalize your arrangement

Hello @Lorie Alexandria welcome to BP! You can use your personal LOC/HELOC to fund renovations. If possible, have your bank carve out a separate account so you can track use and interest. Interest paid to earn investment income is tax deductible, but you need to be able to track LOC use for investment purposes.