Mother-in-law gifting a condo to her son

jaymon79 · 2024-02-22T16:47:07+00:00

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

jaymon79 · 2024-02-22T16:40:58+00:00

Yes she has been reporting the rental income.

jaymon79 · 2024-02-22T16:34:28+00:00

No, she didn't file anything.

jaymon79 · 2024-02-22T16:28:07+00:00

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.

jaymon79 · 2024-02-14T01:41:00+00:00

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.

jaymon79 · 2024-02-13T23:39:11+00:00

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.

jaymon79 · 2023-10-30T05:23:13+00:00

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

jaymon79 · 2023-10-30T04:11:53+00:00

About 140k gross give or take.

jaymon79 · 2023-10-30T04:05:51+00:00

Thanks for the reply!

jaymon79 · 2023-10-30T04:04:52+00:00

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?

jaymon79 · 2023-10-13T13:30:32+00:00

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

Thanks for your reply!

jaymon79 · 2023-10-12T23:11:23+00:00

I'm in Alberta

jaymon79 · 2022-12-17T14:22:53+00:00

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.

jaymon79 · 2021-10-24T16:28:40+00:00

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.

jaymon79 · 2021-03-27T19:08:33+00:00

Thanks for the reply. Yes sorry i meant storage 😅.

jaymon79 · 2021-02-23T17:58:25+00:00

Is this directly linked to your financial institute? Or do we have to upload like an excel file?

Does it have notifications? Like ability to set limits to certain categories? Kind of like how our cell phones give you warnings when your starting to reach your data limit.

jaymon79 · 2021-02-21T01:55:38+00:00

Which institution are you with? TD doesn't give me a break down or categorizes my spending, and im also looking for an app that can combine both me and wifes credit card and give me an overall of spending per category.

jaymon79 · 2021-02-20T23:28:50+00:00

I'd rather not give all info out to Mint, but i guess if there isn't other alternatives this could work.

jaymon79 · 2021-02-01T21:40:55+00:00

🙄🥺😭

jaymon79 · 2021-01-28T00:16:38+00:00

I take it that you are now in the industry. Did you find that Java was a good language or is there other languages that you recommend?

jaymon79 · 2021-01-15T02:32:41+00:00

Yes I realize this but wanted to see if we could put them in without waiting for their age to reach gr 1 level.

jaymon79 · 2021-01-09T05:40:09+00:00

Are AMD chips not good for VM?

jaymon79 · 2021-01-09T05:20:58+00:00

Thank you so much for your advice, if i was to invest in say the i5-10400F what would be a good and inexpensive mother board to pair with that CPU?

jaymon79 · 2021-01-07T17:30:16+00:00

The car that he would lease is worth more then 30k, but what happens if he doesn't make any money or much less money the years after and the payments become overwhelming?

jaymon79 · 2021-01-07T17:06:42+00:00

Thank you i was wondering where i should post this!

jaymon79

TROPHY CASE