All Forum Posts by: Roy N.

I am afraid I will have to pass :-(

While I do anticipate the border being fully open buy October, I've decided to postpone international travel until the end of 2021 (when our under-12 kid should be vaccinated).
I have a long list of family that have not been seen in-person for 18+ months ... so that will be the priority.

 I'd would expect that Illinois has their landlord tenancy law posted on-line.  In the U.S.A. Nolo is a good place to start when looking for landlord-tenancy regulation in any jurisdiction.

I'll offer a slight variation on the answers to-date.   

Firstly, the decision will be based upon your local market conditions, tenancy law in the jurisdiction, your own preferences and the property in question.

When vacancy is low, the risk to the landlord of a month-to-month tenancy is mitigated.  One could even argue that in a market where there is upward pressure on rents, an annual lease may be disadvantageous.

Tenancy law in your jurisdiction will also be a factor.  If it is easy for you to terminate a tenancy with a months notice, then month-2-month offers flexibility to both landlord and tenant.  If you are in a jurisdiction where termination of a month-to-month tenancy is not easy (hello Ontario), then you may want to take a closer look at any benefit of an annual lease.

Finally, the unit in question is a factor.  When we rent furnished rooms, or bachelor/1-bedroom apartments, to students we use month-to-month leases as turn-over is generally quick.   We have a couple of larger houses (one student, one for families) for which we use an annual lease as the impact of turnover cannot be justified for a tenancy less than 12-months.

Joe:

Is the property securing the line of credit the marital home?   Here (NB, Canada) that would automatically necessitate either the spouse co-signing or signing a declaration consenting to the LoC.

Jordan:

That is a conversation to have with your accountant.   A roll-over when you are the exclusive owner of the property and the new company is straight forward and clear.   When you have multiple owners - other than a married couple - it would be beneficial to seek your accountant to confirm it can be done and to ensure no mis-steps are made along the way.

Privacy laws here in Canada would make a skip tracing business quite a challenge

You don't

 You will receive a credit for any U.S.A. taxes paid, but will still be required to remit any amount over and above to the CRA.

Paul:

Would you be working as an employee or contracting- either as a sole proprietor or corporation?

@Michael D'Entremont

Must be a tough moment for the gymnasiums at the moment.  Have you been allowed to reopen in Alberta?

Send me a PM and I'll send you some possible leads.