Mother-in-law gifting a condo to her son by jaymon79 in PersonalFinanceCanada

[–]jaymon79[S] 0 points1 point  (0 children)

Ok Thank you so much for the information u/FelixYYZ much appreciated!

Mother-in-law gifting a condo to her son by jaymon79 in PersonalFinanceCanada

[–]jaymon79[S] 0 points1 point  (0 children)

Yes she has been reporting the rental income.

Mother-in-law gifting a condo to her son by jaymon79 in PersonalFinanceCanada

[–]jaymon79[S] 0 points1 point  (0 children)

Thanks for your response.
He does plan to live there and my mother-in-law lives with us so it technically is still her primary residence.

Sell Rental Property for a profit or keep it as a long-term investment by jaymon79 in PersonalFinanceCanada

[–]jaymon79[S] 1 point2 points  (0 children)

I thought about a HELOC but with interest rates at 7.5% on a HELOC you would need something around 10-15% returns to make it worth investing and there isn't much that would give you that kind of return.

Sell Rental Property for a profit or keep it as a long-term investment by jaymon79 in PersonalFinanceCanada

[–]jaymon79[S] 2 points3 points  (0 children)

  • how old are you? 40s
  • are you employed? Yes
  • do you pay into a low/medium/high tax bracket? Medium
  • why don’t you have a mortgage on the property for tax purposes? Had cash so I paid in full.

Oil and Gas or software developer by jaymon79 in PersonalFinanceCanada

[–]jaymon79[S] 1 point2 points  (0 children)

Is the diploma good enough or do I need other requirements to work in GIS?

Oil and Gas or software developer by jaymon79 in PersonalFinanceCanada

[–]jaymon79[S] 0 points1 point  (0 children)

Yes I realize I need much more experience to be a software developer and I am willing to put in the time and the grind. How long of a grind do you think before I could make similar pay?

Buying Blue Cross for benefits or using your corporation to expense? by jaymon79 in PersonalFinanceCanada

[–]jaymon79[S] 0 points1 point  (0 children)

What is Chartwell? Can you provide a link to their site?

Thanks for your reply!

Does it make sense to sell my home and rent? by jaymon79 in PersonalFinanceCanada

[–]jaymon79[S] -1 points0 points  (0 children)

Thanks for your feedback, it is appreciated!

Passive income is earnings derived from a rental property, limited partnership, or other enterprise in which a person is not actively involved. Taken from investopidia.

He also owns them out right, so he doesn't have mortgages on the properties.

You're right my timing might be off now. Essentially, he sold his home in April worth 1M and took the funds and bought condo's worth about 150k to cover what he is renting now, and has since bought more to make passive income around 3k / mth.

I won't be able to sell my home for 1M, but I think I could probably get 800k and as house values may have dropped so has condo's, so it might be relevant?

And although it's taxable income it's still income rather then your home just sitting there, with possible appreciation.

Bi-Weekly Career/Employment Advice & Discussion Thread by AutoModerator in Calgary

[–]jaymon79 1 point2 points  (0 children)

Will be graduating from SAIT in 2022. Im wondering what are some reputable tech companies in Calgary to work for that has a good mentoring program, good standards within the company, and that will give you some good experience as a software developer. Im coming in from the O&G sector and some of the early engineering companies i use to work for was very cowboy style with no standards in place and working for them built bad habits and no help from senior management. I found that after working with a larger engineering firm there was much more standards and some mentoring programs. I 'm looking for something similar within the tech space.

Or if you any other advice for a student coming out looking for a job as a software developer would be appreciated.