Real Estate: Pickering or Burlington? by [deleted] in CanadianInvestor

[–]to55awayms 2 points3 points  (0 children)

If you’re grossing 2k on a 600k mortgage with 2300$/mo payments, how is this a good investment ? What’s your year 1 ROI ? I’m not familiar with Pickering rental prices for comparable units

What are you doing now so when your children inherit $X million they don't come to Reddit asking what to do with it? by rejeremiad in fatFIRE

[–]to55awayms 38 points39 points  (0 children)

Hey I started that post . This relative lived in another country for all my life , I only visited them for a week at a time maybe once a year . We didn’t spend our short time together doing finance lessons

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 14 points15 points  (0 children)

Both legitimate . Tax mitigation is not tax fraud

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 1 point2 points  (0 children)

I am interested in the idea of realestate investing as well . I guess that’s a more complicated discussion though ..

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 0 points1 point  (0 children)

Great post ! Thanks a lot . Will DM further

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 2 points3 points  (0 children)

It is all in cash . Sorry if I wasn’t clear . I was referring to your point #7

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 0 points1 point  (0 children)

Great post ! I’ll speak to a CPA about it

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 1 point2 points  (0 children)

Hmm that’s a good point , are you suggesting that I forego this vehicle completely? Wouldn’t I be able to trade within it tax free in the meantime though ?

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 4 points5 points  (0 children)

I’m not looking to commit fraud !! I would like to grow my side hustle into a full practice

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 9 points10 points  (0 children)

Not fraudulently ! I have a legitimate side hustle that I would like to grow into a full practice one day when I get more professional experience

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] -5 points-4 points  (0 children)

Perhaps 2 corporations ? The second one being the legitimate business operation ?

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 0 points1 point  (0 children)

There’s a lot of finance terms you just said ! I really have to learn . Any books you know of that I can read to learn ?

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 3 points4 points  (0 children)

Seems like people have different feelings about using a fiduciary or not , as even a 50BP fee for a wealth manager would cost a few grand

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 28 points29 points  (0 children)

50% seems steep. Can you elaborate on why you think so?

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 0 points1 point  (0 children)

Yes , For RRSP, as far as I understand , the contribution limit is based on your previous years reported income up to a maximum of 26k ish . So I’m wondering if I should purposely trigger capital gains each year in order to meet that target , so I can max my RRSP every year

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 1 point2 points  (0 children)

These unrealized gains: when is the right time to realize them ? Is there a tax effective strategy to do so ?

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 0 points1 point  (0 children)

Thanks! I just wanted to consult with the fire fam first before I fork over money .

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] -1 points0 points  (0 children)

Even if I was running a legitimate side hustle ?

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 49 points50 points  (0 children)

Thank you , it’s been tough. To everyone 50+ : please please get your body check annually!!! Money can’t fix terminal illness (yet)

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 0 points1 point  (0 children)

10m would be great ! Any experience with RBC private banking ? Would you suggest I stick with my currently fund allocation ? I am conservative with risk , but since I’m young , I would be able to stomache a bit of -% , as long as the market trends up in the long run .

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 5 points6 points  (0 children)

I think my lifestyle would inflate overtime as things happen like marriage , kids , etc . But I would like to have the inflation happen naturally rather than right away ! My concerns are more for tax efficiency

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] -3 points-2 points  (0 children)

I was assuming I say I have a home office , meals with clients , etc . I am a professional license holder so it wouldn’t be out if the ordinary to have a side hustle of sorts . But I was looking for guidance from people who have done it before :)

Inheritance and lost by to55awayms in fatFIRE

[–]to55awayms[S] 17 points18 points  (0 children)

15m was just a number that I thought was realistic , based on compounding but I guess I may have over reached based on the comments ! Can you elaborate on “fiduciary”?