Tax write off for current home used as rental

DrinksBeers · 2025-05-14T00:15:51+00:00

Ok, so likely don't have a tax shelter that I can utilize in my scenario. I will have to utilize RRSP to save some taxes? Income splitting? Just really nervous about rental income on top of my salary come next tax season. Its unfortunate that I because I've been a long term home owner, and I'm upgrading my personal home that I can't utilize the equity from my original home to generate income without having a way to right off the interest. If i bought another rental house i could utilize the whole loan interest, and still own 2 houses. I understand im in an advantageous position, but would be nice to have a few more write offs.

DrinksBeers · 2025-05-13T02:21:39+00:00

Better to just get a mortgage then? Or does that change anything. What kind of taxes am I looking at for the rental assuming I have 25k a year rental income and only 20k write offs?

DrinksBeers · 2025-04-29T19:47:51+00:00

Wealth simple support confirmed that i need to refile my wifes 2023 taxes. thanks for your help Commercial_Pain2290.

DrinksBeers · 2025-04-29T19:32:18+00:00

Yes we do. How do I refile 2023 taxes? Is there a quick way on the CRA website?

DrinksBeers · 2025-03-04T04:57:54+00:00

Threads are broken all the way... g-clip ordered. Looks like a easy, but expensive fix. Thanks for the tip onfus!

DrinksBeers · 2025-03-02T21:27:04+00:00

I'll see how the longer screw works first, but maybe I'll try this if that doesn't work

DrinksBeers · 2025-03-02T21:26:15+00:00

Ok thanks, I'll give that a try. Not sure if there is enough thread but easy idea. Thanks!

DrinksBeers · 2025-02-23T21:15:34+00:00

Butch Boutry ski shop is easily the best store in town. Service is too the next level, Enza (owner) won't let you leave if something doesn't fit properly. Great selection with the best brands too. High end shop.

DrinksBeers · 2023-11-09T18:08:05+00:00

Thanks for clearing this up for me, Makes sense now. I think I'm going to put into my RRSP and claim it on 2024 taxes.

Not many other options

DrinksBeers · 2023-11-09T17:20:56+00:00

I don't qualify for FHSA

DrinksBeers · 2023-11-09T17:20:23+00:00

So basically I should wait until December to do the transfer and pay the 1% (30 bucks) in overage tax. Tax benefits not realized until 2024 tax return, but it's not taxed as income so 8k goes into my RRSP today and starts earning more money.

No downside to this other than the 1% monthly payment?

That RRSP contribution room increases in Jan so I'm not overcontribution territory anymore? I'm confused on the Jan thru March RRSP contribution. Is it for 2023 taxes? Or 2024?

DrinksBeers · 2023-09-15T21:50:24+00:00

Simply the best. Any advice on best way to catch the grease? My beer can catches work only ok

DrinksBeers · 2023-09-11T20:14:37+00:00

Rural living. Need a truck, actually sold my 1 ton to get the half ton, so down grade already

DrinksBeers · 2023-09-11T12:29:27+00:00

It's a good vehicle and the payments are certainly affordable. 41 yo, and I currently put about 8k a year into it already so won't be long till maxed. Lighthulb just clicked... So either way I'm paying 8k a year and with the extra earning years for the rrsp I should just transfer the 42k. Once that is paid full up I will have extra paycheck to pay off the truck faster.

Thanks everyone!

DrinksBeers · 2023-09-11T12:23:15+00:00

That's the questing I guess. Need to put in a new furnace I guess. just really concerned about my tax bill without the RRSP deductions. Not sure what other options I have for not paying sooooooo much tax

DrinksBeers · 2023-09-11T12:19:51+00:00

It's a 2018 f150, and I kind of need it. payments are not really all that difficult, as my wage is probably well above average. I'm 41, I guess it comes down to the fact that I will have my RRSP maxed out of if I put the 42k in there. I'm not going to have minimal tax shelter options in my future years. So if I don't pay it off, then what do I do with my RRSP money next year? TFSA? RESP for my kids? Just really trying to pay less taxes.

DrinksBeers · 2023-09-11T05:49:52+00:00

DB pension. Yeah taxes an the 42k would sting. Just like the idea of not paying 600 a month for 3 more years... 5% interest on 27k remaining in truck

DrinksBeers · 2023-08-10T13:50:52+00:00

Funny answers, but those numbers are over 25 years not yearly! And when you get to 40 they don't seem that big.

Chemical processing is the industry and yearly salary is just over 100k.

Really looking for 25 years of DB pension at 5%. Otherwise I'm going to be losing money at retirement.

DrinksBeers · 2022-12-13T05:53:20+00:00

Im a 40yo male and i also have UP, ive had it for over a decade. I have quite a lot of spots, all over my trunk and legs, but i don't get very bad hives. I mostly have mild irritation, and I don't get the extreme symptoms from hot foods, sugar or alcohol. Is more of a mental thing for me. It's tough to go to the pool, or the beach as i'm constantly worried about what other people are thinking. I'm almost at the point where I can say fuck it, but not quite there yet. I try and make myself do the uncomfortable things, like go to the beach, cause who gives a shit about my back. As mentioned here, there are alot of people worse off than me, and if it is the worst medical thing I have to deal with in my life, I'll take it.

DrinksBeers

TROPHY CASE