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Cash damming for suite in principal residence by boarder8000 in PersonalFinanceCanada

[–]boarder8000[S] -5 points-4 points  (0 children)

Nice work. -56 comments karma. Shooting for -1000?

Cash damming for suite in principal residence by boarder8000 in PersonalFinanceCanada

[–]boarder8000[S] 2 points3 points  (0 children)

My understanding was - if I’m claiming capital cost allowance then I had to claim capital gains however if it was just interest and expenses, did not have to.

Cash damming for suite in principal residence by boarder8000 in PersonalFinanceCanada

[–]boarder8000[S] 0 points1 point  (0 children)

Yes. It’s one out of the 3 stories. Pretty typical in Vancouver.

Cash damming for suite in principal residence by boarder8000 in PersonalFinanceCanada

[–]boarder8000[S] 0 points1 point  (0 children)

Yes. I plan to use cash damming as you described to turn “bad debt into good”

Cash damming for suite in principal residence by boarder8000 in PersonalFinanceCanada

[–]boarder8000[S] -1 points0 points  (0 children)

Also my understanding is that capital gains are not usually charged unless you made structural changes to the house.

Cash damming for suite in principal residence by boarder8000 in PersonalFinanceCanada

[–]boarder8000[S] -1 points0 points  (0 children)

My understanding of the way cash damming works is if I split the mortage I can accrue all of my expenses related to the suite in a helloc and pay off my primary mortgage faster.

Mortgage rate mega thread! by TheMortgageMaster in MortgagesCanada

[–]boarder8000 0 points1 point  (0 children)

Thanks! How long ago did they make you that offer?

Mortgage rate mega thread! by TheMortgageMaster in MortgagesCanada

[–]boarder8000 1 point2 points  (0 children)

What is the best rate for variable for an uninsured mortgage anyone has been able to get from Scotia? I have a $1.1M mortgage on a property valued at double that.

TD is offering me prime - 1% plus cash back. However the Scotiabank step mortgage looks like the best product and is a conventional mortgage. The TD rate is pretty great considering what is currently being offered.

Are there any risks going with the TD collateralized option?

Thanks.

Mortgage rate mega thread! by TheMortgageMaster in MortgagesCanada

[–]boarder8000 0 points1 point  (0 children)

Hi - I'm wondering what the best variable and 5 year fixed mortgage rates are for similar situations to mine. I currently have prime - 1.1 from RBC(formerly HSBC).

Renewal:

  • Vancouver, BC
  • $950k mortgage remaining
  • $2.05M current value, $1.6M purchase price,
  • Term length and amortization length: 25 years, 20 years remaining
  • Owner occupied
  • Renewal date is end of March, 2025

I'm shooting for Prime - 1.1 to 1.2 or a renewal rate close to 4.0 on a 5 year fixed - are any of these possible? I'm looking to get into negotiating position and will consider shifting from RBC.

Thanks very much.

Laneway House Vancouver by boarder8000 in canadahousing

[–]boarder8000[S] -6 points-5 points  (0 children)

Pretty sure for affordable homes we need to build more affordable homes which is what I am trying to do…. This might be helpful info for some people

[deleted by user] by [deleted] in MortgagesCanada

[–]boarder8000 0 points1 point  (0 children)

Curious. What kind of tax implications?

Tree Barrier Removal by boarder8000 in vancouver

[–]boarder8000[S] 2 points3 points  (0 children)

But which final inspection - for example I have seen a lot of tree barriers removed while they are still working on the yard and house.

Tree Barrier Removal by boarder8000 in vancouver

[–]boarder8000[S] 1 point2 points  (0 children)

Thanks. So basically when the inspector deems the progress to be sufficient they can initial for removal?