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56 votes

Can I buy a new house before selling my current house?

You can make a contingent offer: "I will buy this house if I sell my own." In a highly competitive environment, contingent offers tend to be ignored. (Another commentator described such a contingency ...
Michael Lorton's user avatar
21 votes

Why would my tenant want me, landlord, to buy his leasehold interest in my own property?

Ask your tenant what he wants to get out of this arrangement - NOT the legalese - but: What end result the tenant wants in plain English (it sounds like free money). Why does the tenant think he ...
Secret squirrel's user avatar
16 votes

Can I buy a new house before selling my current house?

The two most common scenarios are: You put an offer on a house which is conditional on you selling your own house first. You sell your house with the condition that you will rent it from the new ...
TTT's user avatar
  • 47.2k
16 votes

Why would my tenant want me, landlord, to buy his leasehold interest in my own property?

What does he mean exactly? How the heck does it make sense for a landlord to "buy" a "lease" from his own tenant? It sounds like they're hoping you might pay them to vacate/end their lease. It ...
Hart CO's user avatar
  • 70.5k
14 votes

Can I buy a new house before selling my current house?

A bridge loan (or bridging loan) is designed for exactly this circumstance. They're short-term loans (6 months is common) designed to help home-buyers to bridge the gap between buying and selling. ...
Mark Barnes's user avatar
12 votes

Can I buy a new house before selling my current house?

If you can qualify for two mortgages, this is certainly possible. For this you can talk to a banker. However, most people do not qualify for two mortgages so they go a different route. They make ...
Pete B.'s user avatar
  • 76.7k
11 votes

I am starting a new job on Monday. Can they screw me over somehow with the information I need to provide? Does this look sketchy to anyone else?

“Remote” job position plus “bitcoin” = scam. I’m sorry - your best bet at this point is to block them, delete any messages and move on. If you have already given them any of your personal information ...
Vicky's user avatar
  • 24k
8 votes

Why would my tenant want me, landlord, to buy his leasehold interest in my own property?

Let's say that the lease has a year left to run at $100 per month, and he offers to vacate for $500. Let's also say that you could lease it right now for a year at $200 per month if it were not ...
jimmy's user avatar
  • 89
7 votes

Do I have to pay tax on Capital Gained on primary property?

There is nothing confusing about this though it may feel unfair. First, there is no such thing as a "primary property" in Canadian tax law. You seem to feel that if you only own one property, it's ...
Kate Gregory's user avatar
  • 13.2k
6 votes
Accepted

Buying portion of house

The current mortgaged owner would typically not have the right to sell any portion of the house without approval from the bank. The bank doesn't "own" the house through the mortgage, but they do have ...
Grade 'Eh' Bacon's user avatar
6 votes
Accepted

How does depreciation affect real estate capital gains tax in Ontario?

In Canada, you have the option of claiming depreciation expense, called capital cost allowance (CCA), it is not required. At time of sale, any CCA that you have claimed is recaptured and taxed as ...
Hart CO's user avatar
  • 70.5k
5 votes

Can I buy a new house before selling my current house?

There's also the option to put most of your stuff into storage and rent an apartment or go to an extended stay hotel. Some apartments have month-by-month options at a higher rate, though you may need ...
Justin's user avatar
  • 277
5 votes

Will CRA suspect, if you never filed and now retroactively files taxes?

There is no penalty for filing a tax form late in Canada if you do not owe any taxes. The penalties are all in terms of percentages of the taxes you owe. So if he genuinely never earned more than the ...
DJClayworth's user avatar
  • 33.4k
5 votes

Why would my tenant want me, landlord, to buy his leasehold interest in my own property?

There is a process in rental property colloquially called "cash for keys" where the landlord pays a tenant to terminate a lease. Usually it comes up as a kind-of win-win for both sides where the ...
user662852's user avatar
  • 8,389
5 votes
Accepted

Capital gains when selling my boat and HST in Ontario Canada

[note: I am using raw links in this answer because on matters of tax, it's important to know you are on a government site and not a random publication.] You do not have to charge HST on the sale of ...
Kate Gregory's user avatar
  • 13.2k
4 votes

In Ontario, Canada, how can I calculate when charitable donations lower my total payable tax?

The CRA gives this example How do I calculate my charitable tax credits? - Canada.ca Danielle lives in the province of Saskatchewan and donated $400 in 2013 to registered charities: The ...
Ray Butterworth's user avatar
4 votes

Canada/Ontario Principal residence exemption

You will be able to claim principal residence exemption for the years you live in it, not for the prior years where you didn't. In the year where you stop renting it and start living it, you may also ...
Grade 'Eh' Bacon's user avatar
3 votes

Is there a list of financial assistance programs in Ontario, for the poor but not disabled?

In Canada and the U.S., you can dial 2-1-1 on your phone to talk to someone about assistance programs. These phones are usually staffed by the United Way. Besides the call-in service, they also ...
Ben Miller's user avatar
  • 116k
3 votes

As a contractor, if my business makes no net profits, do I owe taxes?

So the main reason that you aren't getting answers is that the question is not really answerable on this site without putting a lot of details about the expenses of your company online. Even then you ...
rhaskett's user avatar
  • 6,608
3 votes

Can I buy a new house before selling my current house?

If you're living in a market where some houses are going for $150K over asking, then you MUST buy before you sell. In a seller's market, you will get multiple offers on your current house when you ...
Ross's user avatar
  • 31
3 votes

Can I buy a new house before selling my current house?

As the other answers suggest, there are a number of ways of going about it and the correct one will be dependent on your situation (amount of equity in your current house, cashflow primarily, amount ...
Jason B's user avatar
  • 614
3 votes
Accepted

Can I still charge and keep money from my small business, listed under HST?

First off, the basics on HST/GST: You don't need to collect HST, if you don't want to, until you hit 30k in a particular three month period (assuming you're not regularly passing $30k). You then ...
Joe's user avatar
  • 35.8k
3 votes

Calculating capital gains tax on sale of second home in Ontario

The capital gain is based on sale price minus purchase price. The amount of mortgage is irrelevant. In your example the gain is $300k. You would pay that times the appropriate rate. You can claim ...
DJClayworth's user avatar
  • 33.4k
3 votes
Accepted

Ontario Capital Gains,are profits also part of taxable income?

Say I Sell my investment property house for 500k and bought it for 250k. Leaving me 250k profit. So far so good. I'd be taxed on 50% of that correct: 250/2 = 125k taxed. and 125k Profit. No. ...
DJClayworth's user avatar
  • 33.4k
3 votes
Accepted

Why would you prefer employer to pay all non-taxable benefits and you pay for the benefits that are taxable if your employer pays them?

Isn't employer supposed to pay for all TAXABLE benefits so that you aren't taxed? Wouldn't you prefer paying all NON-TAXABLE benefits because you don't pay tax? No, because you are misunderstanding ...
TripeHound's user avatar
  • 9,171
3 votes
Accepted

Where does 113 hail from in 13/113, Ontario's GST/HST rebate rate for employees' auto expenses?

This is a common phenomenon when tax rates are converted between a percentage of net and a percentage of gross. The 13% (13/100) tax rate is based on the net (pre-tax) price. To calculate the tax from ...
nanoman's user avatar
  • 29.7k
3 votes
Accepted

If the highest federal marginal tax rate is 33% and the highest Ontario provincial marginal tax rate is 13.16%, why can marginal rate by 53.36%?

Ontario appears to operate a "surtax". So you pay the headline Ontario income tax, plus an extra 56% of that tax above a certain level. This effectively means that those with high enough ...
GS - Apologise to Monica's user avatar
2 votes

You're in Ontario and are setting up Autoload on your Presto fare card. Credit or debit? Which threshold and Autoload values should you pick? And why?

I have an Auto load setting of loading for $20 if the value falls below $5. Remember this is a good option because as Presto says it will never allow your card to fall below the threshold value. And ...
Justin Samuel's user avatar
2 votes
Accepted

You're in Ontario and are setting up Autoload on your Presto fare card. Credit or debit? Which threshold and Autoload values should you pick? And why?

TL;DR: I have five main suggestions. They are in bold, below. The rest is mostly commentary. The Presto system has some quirks. The system has also had problems in the past. 1. Set up Autoload using ...
unforgettableidSupportsMonica's user avatar
2 votes

Buying a house to partially rent out - what to consider?

Income Taxes (if you're going to claim the rental income) and Property Taxes Repair/Upkeep Costs Having a STRONG lease for late payments, pets, due dates, security deposits, what the tenants and ...
DukeLuke's user avatar
  • 745

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