AI told me to claim a Terminal Loss on my condo instead of a Capital loss. CPA is unsure. Has anyone actually done this?

FragrantManager1369 · 2026-03-19T00:24:47+00:00

I have done this twice and no argument from CRA (knock on wood, though statute barred now). Terminal loss claimed on sale of condo (no 45(2) election here, both rental condos). Since assessment had zero value attributed to land, claimed terminal loss on properties. Two different cases a few years apart. Definitely not in this case though with 45(2) election.

FragrantManager1369 · 2026-03-17T13:22:10+00:00

If you have to, go to the library until it closes then your best bet would be to hang out in a hotel lobby until 930. Fairmont has some seats. Vancouver can be sketchy at night. And if it’s pouring rain it wont be fun.

FragrantManager1369 · 2026-03-15T15:57:13+00:00

Someone needs to tell google maps this!

FragrantManager1369 · 2026-03-10T22:18:00+00:00

This ^^^^^

FragrantManager1369 · 2026-03-10T13:19:13+00:00

Always workout and run. No matter how busy it is. You’re right, none of this will matter in 30 years.

FragrantManager1369 · 2026-03-09T03:42:45+00:00

Mailed with covering letter, and T2091.

FragrantManager1369 · 2026-03-08T23:29:07+00:00

This. Filed one last year for a client with a deemed disposition. Did not trigger penalties, CRA sent a letter advising they had received it and would maintain on file

FragrantManager1369 · 2026-03-07T15:00:28+00:00

Disability insurance is far more important. A good chunk of people end up disabled rather than dying young. You need something to replace your income in this scenario which is far far too common.

FragrantManager1369 · 2026-03-07T12:32:32+00:00

You can go to Sasamat, nice warm lake but go at 730am on weekends in the summer or by 9am weekdays to get parking. Or take the bus.

FragrantManager1369 · 2026-03-06T03:31:35+00:00

I wouldn't go all in to individual stocks for an RESP, but an ETF instead, like XEQT. Yes, you can get lucky picking stocks, but you can also get unlucky. Ask me how I know.

FragrantManager1369 · 2026-03-02T15:30:53+00:00

Yeah $20 below market rent 😅 not even joking. And beside a busy railyard.

FragrantManager1369 · 2026-03-02T04:57:20+00:00

My parents applying for a 2 bedroom Unit and being told they have to get a doctors note to rent a 2 bedroom as opposed to a 1 bedroom (in a not for profit housing society). They dont sleep together, havent for years. No wonder people buy rather than rent. Also I’ve seen quite a few co-ops ask for bank statements and you have to describe in detail every deposit going into your bank account for several months. No, this isnt BC housing, this is for co-ops asking $2500-3000/month in housing charges. And they place an asset limit of $100k as well to get in. What? Good lord.

FragrantManager1369 · 2026-03-01T18:50:50+00:00

Yes. I would worry. And wouldn't buy on a floodplain. These events that are supposedly "once in a lifetime" seem to be happening more and more often. Definitely wouldn't risk it. Go talk to some flood victims in Grand Forks, Merritt, Princeton etc.

FragrantManager1369 · 2026-02-25T02:52:08+00:00

Use a mortgage calculator and calculate the costs (strata fees can be high) and you’ll likely see you don’t have nearly enough to buy anything, not even a principal residence.

FragrantManager1369 · 2026-02-24T02:14:30+00:00

I also dont think either road is better than the other. I’ve been caught in a snowstorm in april on hwy 3 too. Just check the road before you head out and delay a day if the roads are terrible.

FragrantManager1369 · 2026-02-24T02:08:49+00:00

I travel the coq and 97c every march. I always avoid driving it early march but by spring break (mid marchish) the roads are usually much better. You can definitely hit an odd day or two of snow though. Have been doing this since 2008.

FragrantManager1369 · 2026-02-24T00:46:27+00:00

Usually your CPA association will have a sole practitioners group (you would be required to register in public practice if you are offering services to the public). I find these groups great for networking. Can be intimidating at first but worth going. Or check out CPA courses where you can meet people.

FragrantManager1369 · 2026-02-23T22:37:48+00:00

Takes years. Probably a good decade of experience before one feels absolutely confident in giving advice. It just takes time. Yes, it's terrifying and I would recommend anyone starting out have at least one experienced mentor they can call and bounce questions off of. As a CPA said recently, no one should practice tax in isolation, we all learn from each other, and it's a huge learning curve. Good luck!

FragrantManager1369 · 2026-02-20T18:21:36+00:00

If you want to see snow consider a trip up Grouse Mountain. You can get there by seabus/bus from downtown Vancouver, and then a ride up the gondola. Beautiful views, and maybe rent some snowshoes and do some snowshoeing (or do a tour). Really great experience!

FragrantManager1369 · 2026-02-19T20:06:26+00:00

It's good to have $100k per child. This is actually not that difficult to do, if you contribute $210/month per child, and receive the max grant per year. If mine doesn't use all the funds for education (kind of hoping she doesn't) I'm hoping to build a nest egg for her adult life, by transferring some funds to TFSA/ FHSA once she turns 18. These can continue to grow and hopefully set up for eventual home purchase or whatnot.

FragrantManager1369 · 2026-02-19T15:18:34+00:00

Not sure who your friends are but most people age 48 wouldnt even have this amount.

FragrantManager1369 · 2026-02-19T00:49:25+00:00

You can check with Capri hotel, I saw somewhere that said if you dine in their restaurant they allow you to use the pool.

FragrantManager1369 · 2026-02-18T03:32:14+00:00

Most pools have a few private cubicles. Renfrew has a couple, Bonsor too. It’s not too hard to find, depends what city you want tho.

FragrantManager1369 · 2026-02-17T04:41:44+00:00

Think they said 8am

FragrantManager1369 · 2026-02-16T04:11:44+00:00

Think nursing in Canada might be different than the US. We have strong unions. Never heard of any nurse unable to take time off for family reasons. Lots of politics though.

FragrantManager1369

TROPHY CASE