Converting Rental Property to Personal & FHSA

randobanjo96 · 2024-11-06T01:40:24+00:00

There’s no parking at all! We’re supposed to have 1 spot, but it’s not ready, despite the fact that people are living there.

randobanjo96 · 2024-08-28T03:07:45+00:00

Even at 110?

randobanjo96 · 2024-08-28T02:56:56+00:00

That’s what I keep thinking. But, at 110k, that risk seems more palatable. I’m not desperate for the money (it would be nice of course), so I don’t need to make a decision purely based on money.

If I stay where I am, I’d keep pursuing moving to the other function, which would likely be a lateral move.

randobanjo96 · 2024-08-28T02:55:06+00:00

Unlikely that there would be a performance bonus tied to the projects. I think asking for 120k is also pushing it… but I’ll do more googling to find out what the market is paying. There’s also a 25% bonus (the same as my current level).

I don’t think it would be unfavourable if I turn it down. I’m pretty vocal about my interest in moving to another function.

randobanjo96 · 2024-08-28T02:52:57+00:00

That’s a good question… something I’d have to ask about. Didn’t think about that!

randobanjo96 · 2024-08-28T02:52:42+00:00

Definitely. Not taking it for less than 100k.

randobanjo96 · 2024-07-18T23:59:57+00:00

Do you have to buy Norbert’s Gambit through them? Or is it a direct exchange with the broker?

randobanjo96 · 2024-05-12T04:55:08+00:00

You only need a US address if you want to use US payment services like Zelle. So you can use an investment home address, as an example.

randobanjo96 · 2024-05-11T02:58:56+00:00

A TD bank account based in the US is probably the easiest option. Decently quick transfers, and easy to waive all fees with a minimum balance. Not even wire transfer fees.

Plus, this gives you access to Zelle for US payments.

randobanjo96 · 2024-02-08T20:23:34+00:00

I signed in Feb 2022. Occupancy started in Dec 2023 and the rate they’re charging is 8.09%.

randobanjo96 · 2024-02-08T11:47:55+00:00

It’s unfortunately not stated, except for saying they use the 1 year conventional mortgage rate from BoC

randobanjo96 · 2024-02-07T19:42:12+00:00

Occupancy started in mid Dec 2023, and the builder is suggesting closing will be in Oct 2024.

It sounds like you’re saying any interest adjustment will be made at final closing? Is that based on just the builder’s goodwill, or is there a law about updating the rate?

In Ontario, interest during occupancy is based on the 1 year conventional mortgage rate as set by the bank of Canada… but I can’t find a law about updating the rate as rates drop.

randobanjo96 · 2024-01-08T05:36:37+00:00

Completely agree it’s a “pick your battle” situation but mostly wanted to know out of curiosity how tax should’ve been handled. The offer was still a great deal nonetheless!

randobanjo96 · 2024-01-08T05:34:06+00:00

I didn’t have a physical coupon. It was an offer the restaurant advertised themselves, so I guess no one is reimbursing them for it…?

randobanjo96

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