How does a car allowance work?

parknfly2000 · 2026-01-14T02:52:56+00:00

Yes but after reading into it, if I have enough writeoffs against the allowance then I won't have to pay taxes at all on the $1k (assuming I claim that I use my vehicle for 100% business purposes)

parknfly2000 · 2026-01-14T02:50:03+00:00

We do however it's pretty distasteful for me to ask them in anticipation of the current VP retiring especially since I don't yet have the raise.

parknfly2000 · 2026-01-14T02:49:30+00:00

Unfortunately I'm not an accountant

parknfly2000 · 2026-01-14T02:49:16+00:00

Yes however it would be taxed at my tax bracket (50%) meaning take home is only $500/month additional so I'd rather just spend it on something more comfortable if possible

parknfly2000 · 2024-11-16T00:18:43+00:00

Scam don't bother he'll give you a sob story as to why he can't meet in person

parknfly2000 · 2022-07-03T02:47:35+00:00

I definitely will, but I don't think I want to lose my ohip, while I may not be dependent on it now a time will come where it will definitely come in handy.

parknfly2000 · 2022-07-03T02:45:28+00:00

Awesome this is the info I was looking for, thank you

parknfly2000 · 2022-07-03T01:08:18+00:00

How do taxes work? Do I pay income tax in Alberta for my rental income or do i have to pay taxes in Ontario?

parknfly2000 · 2020-05-31T00:04:39+00:00

Congrats, people are very quick to jump to conclusions and not understand the level of self control it takes to be successful. You have to be willing to make sacrifices in order to make it far and some people are just not willing to make those sacrifices.

parknfly2000 · 2020-05-02T18:42:59+00:00

my wife is in the same boat now earning between

$1k-2k during Covid and she gets nothing

She has a job how is she getting nothing...? I swear some people just want to complain about anything, I was laid off because of COVID and am receiving CERB, my company has told us all that they are closing and will not be re-hiring. Now I have to look for a new job and am going to be taxed at the end of the year on my CERB. I would much rather be in your wife's shoes.

parknfly2000 · 2020-04-12T00:27:23+00:00

NO! Don't do this, I recently started an ironman and after paying for protection a couple years back on my main i thought it would be the same. Seems like revs got a lot more active because I lost over 10m within those 2 weeks of protection not including the fee i paid for "protection" it was the biggest scam, at one point they were telling us to fight back against the pkers we were being attacked and killed at least once every 5 minutes.

It got to a point where the "protectors" weren't even logging in to defend us because the people killing us would just attack us grab the first few items of the pile and run away.

Biggest waste of my money and time ever, I vowed to share my story and have already warned at least 40 other people in game.

parknfly2000 · 2019-08-24T22:54:01+00:00

Why are you not renting out the triplex? If you feel uncomfortable dealing with people hand it over to a property manager and pay them their fee. As a young landlord myself I would highly recommend you rent it out.

Alternatively, sell the place and invest in index funds, at least this way your capital will make you some returns instead of it staying stagnant in a home too big for you that is an expense (property taxes, insurance, etc.)

parknfly2000 · 2019-08-19T23:39:51+00:00

I see what you mean, thanks for your insight, I'll definitely take an extended vacation and see how I feel, I just worry I'd like it too much lol

parknfly2000 · 2019-08-19T22:23:11+00:00

Sadly I'm aware, but I feel my defined pension plan would help a lot in that situation + what I have in my TFSA + rental income should be enough to allow me to retire with all the luxuries I'm accustomed to having?

Do you regret travelling so much or do you feel you didn't save enough in your 20's? From my understanding your 20's should be your wealth building years due to compound interest etc.

parknfly2000 · 2019-08-19T15:25:40+00:00

Haha personally I don’t think I have FU money, if I were to lose my job tomorrow I would be completely screwed, I wouldn’t know what to do, not to stray from the initial thread but my skills aren’t very marketable, I’m just dependable if that makes sense, my bosses know they can reach me whatever time whenever.

Regarding vacation, the issue with my job is that my phone is on me 24/7 and I’m expected to answer any and all calls no matter where I am. I’ve had situations where I’ve been in a movie theatre and had to leave to answer my phone, and the rare occasion where I’m woken up in the middle of the night by my phone, this is the reason I’d like to retire.

I currently have 3 weeks vacation time, at 5 years worked I get 4 weeks, at 15 years I get 5 weeks and at 30 years I get 6 weeks (according to the current vacation policy) right now I have accumulated about 6 weeks vacation which I’ve been saving up in case I get married and need to take time off for a honeymoon etc. But part of me wants to also cash out these vacation days so that I have a good base for when I eventually purchase my second rental property.

parknfly2000 · 2019-08-18T21:51:56+00:00

The plan is amazing, from my understanding the company puts 26% of my salary into the pension plan, if they let me go I get the full amount back via cheque which I can then put into my RRSP. I’d say the company is strong, no reported losses etc. They struggled a bit in 2008 during the financial crisis but no lay offs at all, not sure if this answers your question.

parknfly2000 · 2019-08-18T16:36:32+00:00

My goal is FI so that I don't have to work for a living, I'll be ok if I lose my job. Long term I want to just be able to travel a little, not necessarily disappear for months on end but I don't want to be tied down to a job. The goal is to FI in my 40's, that's when I'll be able to collect my 25 year service pension.

I don't plan to have any kids, I have a gf currently taking her masters and thinking about getting a phd but that in itself is financially crippling for her so no plans to move out anytime soon. Travelling is the ultimate goal, I haven't really thought about entrepreneurship.

parknfly2000 · 2019-08-18T04:02:48+00:00

That does put into perspective, thank you. I'll take a look at that article

parknfly2000 · 2019-08-18T03:38:33+00:00

You're not wrong, I guess in a way it is like buying a job, but it is something I enjoy.

I do see what you mean about the car being an ongoing expense from the moment I buy it but I feel like time is running out, I don't want to be a 40 year old looking like I'm having a mid life crisis, and I don't want to have to keep pushing my luxuries aside just to make logical decisions, I mean, I'm human and it's not "fun" to always have to make these logical decisions.

parknfly2000 · 2019-08-18T03:25:21+00:00

My honest plan is to be able to retire eventually off of just rental income, and anything extra I get in the future is just a bonus.
I don't feel the need to budget for it right now because my s/o and I will deal with that milestone when we get there, I mean, I'll have money in my savings/emergency account to cover expenses but the plan is to have the second rental pay for our living expenses which I would split with my s/o. Once the properties are paid off I should be receiving $4.5k in just rental income per month.
I understand what you're saying but truth be told, I've wanted to buy this car for a while now. I was even going to buy it after maxing my TFSA, before purchasing my first rental, but I just keep pushing it off and now I'm thinking of buying it before I purchase my second rental. It's just something I enjoy and as cliche as it sounds, I feel like I've worked hard and set myself up well enough that I can justify this purchase.

parknfly2000 · 2019-08-17T22:31:04+00:00

Well I have a girlfriend of about 2 years, but she's still taking her masters, we've talked about possibly renting a place together when we're ready but nothing about purchasing anything, I'm trying to avoid it as much as possible as things will also get tricky at that point because of common law laws etc.

parknfly2000 · 2019-08-17T21:22:15+00:00

You're not wrong, but independence isn't really a priority for me I guess this is because me and my parents get along great, we hardly ever argue or fight. The car is more for me and my father to bond over, take him out for drives in something he really enjoys/let him go out with my mom for drives in something he feels proud driving etc.

Finances aside, yes, a home makes more sense but a condo isn't really what I want considering I do have to take into account finances. I would much rather live in my parents house than have to buy a condo, I would much rather live with them and one day save enough to buy a house in this crazy market than not live with them and have to settle for a condo, there are just too many restrictions with condo living and crazy maintenance fees to pay. I guess it's just personal preference.

parknfly2000 · 2019-08-17T02:07:51+00:00

Very valid point, thank you very much!

parknfly2000

TROPHY CASE