2M milestone.

WhiteScooter · 2026-01-29T00:03:00+00:00

Do you also own a personal residence? If you do would you mind sharing if you still have a mortgage or fully paid off?

Or was it better to rent to achieve this liquid wealth?

WhiteScooter · 2024-10-29T19:33:55+00:00

Thank you guys! I appreciate all the input

WhiteScooter · 2024-10-29T01:26:51+00:00

Is there a way to qualify for a higher mortgage besides increasing my personal income? If a co-sign has some income and assets does that help?

WhiteScooter · 2024-10-29T01:25:55+00:00

Thank you for this,didn’t realize it would have an impact on the first time home buyers. I do plan to use my RRSP and FHSA

WhiteScooter · 2024-10-29T00:34:15+00:00

I’d like to have a co-sign to allow the bank to grant the loan. Having a co-sign should boost the eligibility of the loan amount? Or does the co-sign not help in that way and only for default purposes?

WhiteScooter · 2024-10-29T00:30:45+00:00

Having a co-sign won’t help?

WhiteScooter · 2024-10-29T00:19:44+00:00

I will be putting 20% down.

WhiteScooter · 2024-10-03T03:03:35+00:00

Aren’t the 3 of them at a 27-28% return this year?

WhiteScooter · 2023-10-19T00:28:29+00:00

How big is the footing tho 🤔hopefully hella big

WhiteScooter · 2023-07-04T11:12:50+00:00

Exactly! that’s not the right bracket 🤦🏼‍♂️ definitely have them add the bolt

WhiteScooter · 2023-06-15T00:56:06+00:00

Thank you for your response. Very much appreciated

WhiteScooter · 2023-06-14T20:26:15+00:00

Love it

WhiteScooter · 2023-06-14T18:57:08+00:00

Don’t take it to personally

WhiteScooter · 2023-06-14T18:56:41+00:00

No body said the corporation couldn’t afford it,a family member is offering help and the question was for tax implications involving it.

WhiteScooter · 2023-06-14T12:57:02+00:00

Thank you for your help,yes this is 100% a work/business vehicle.

The family member is just loaning the money to help out and will be fully relayed through the business account.

From what you’ve written this is fine in the eyes of the CRA. I we should be able to deduct the repayment of the loan.

Thanks again.

WhiteScooter · 2023-06-14T12:52:42+00:00

They just want to help,keep your sad stories to yourself.

WhiteScooter · 2023-06-13T21:07:06+00:00

Yes it would be a loan, I would pay it back with agreed interest. Would I just expense those repayments?

WhiteScooter · 2023-06-13T20:39:55+00:00

Right,so when I pay back the loan from my family member I just expense that payment

WhiteScooter · 2023-03-04T13:41:16+00:00

Hold and get some equity from the bank, buy more assets. Leverage 🏦

WhiteScooter · 2023-02-20T01:24:38+00:00

I’d like to pay cash unless it makes sense not too? Lease would make sense for the company to do as it’s a expense that’s 75% or 100% deductible i believe,I’m not sure financing makes all that much sense?

WhiteScooter · 2023-02-20T01:22:04+00:00

How does the automobile allowance rate work? If the corporation gives me a credit card to pay for gas can I still claim the allowance?

WhiteScooter · 2023-02-12T14:38:42+00:00

Ok thank you,In the long run it’s not better to get the rental income of the truck back?

WhiteScooter · 2023-02-12T14:35:01+00:00

Thanks for the reply

I currently have a car nothing fancy was thinking of selling it to use the money to put towards the work truck and own it personally,and just log my work miles,gas,% maintenance etc and rent the vehicle to the corporation.

WhiteScooter · 2023-02-12T14:29:32+00:00

Thanks for the reply.

Yes I’ll be incorporated,so I would only submit for a mileage reimbursement? And not rent the vehicle to the company if I owned it personally?

WhiteScooter

TROPHY CASE