#1
Question: Ask a Real Estate Investor
My wife and I are both 60 and working full time with combined annual income of $130,000. We both are rebuilding our credit due to bankruptcies from divorces. Would we be better to save our money in RRSPs or purchase a home with 5% down? We are looking at a home in Langford area of Victoria for 673,000 with a 2 bdrm suite rented for 1300/mth. We are thinking of buying and renting out the main part of the house as well for 2000/mth and holding for 5 to 10 years.
Posted on 7/25/2010 | See the Answer
#2
Question: Ask a Real Estate Investor
We have a traditional 4-bedroom Colonial 2-story home. The master bedroom has a very small bathroom (4x6) and equally petite walk-in closet. We are considering converting one of the adjoining four bedrooms into a master bath/walkin closet, and would like to know if a large bath/closet offsets the loss of the fourth bedroom for resale?
Posted on 7/25/2010 | See the Answer
#3
Question: Ask a Real Estate Investor
I've come across opinions that think real estate prices will go down. What's your opinion? I'm wondering whether I should wait a bit longer to buy an investment property?
Posted on 6/23/2010 | See the Answer
#4
Question: Ask a Vancouver Island Realtor
Vanocouver based, we are considering buying a house with suite in Nanaimo as an investment. What is the Nanaimo market today, what area would you recommend and does Nanaimo allow secondary suites?
Posted on 6/16/2010 | See the Answer
#5
Question: Ask a Tax Expert
I am a dual citizen (Canada + US). I am working as an expat in Canada (I work for a US company). I have been in Canada 2 years after several years posted in Holland and 15 years in US. I want to buy a house in Canada - perhaps retire here (not sure). I will likely have an assignment in US before retiring. Question: Is it a mistake to buy a house in Canada at this time?
Posted on 6/9/2010 | See the Answer
#6
Question: Ask Ozzie
Miss your spot on Global, wish you'd come back! Have you published a guide for Canadians looking at purchasing real estate in the US? If so how can I obtain it or purchase it?
Posted on 6/3/2010 | See the Answer
#7
Question: Ask a Tax Expert
I am a Canadian who owns an Arizona rental property. I am filing a federal 1040nr and a state 140 form for Arizona tax. Will I receive a notice of assessment, or equivalent type of form from the US government? Will this notice indicate the rental loss I have to carry forward for the next year?
Posted on 5/26/2010 | See the Answer
#8
Question: Ask a Tax Expert
I am confused on how the CRA determines residency. My husband re-located to the USA 10 years ago. I have an apartment that I still own in only my name. I did not move permanently to the states with my husband. I stayed in Canada to help my mother who is ill. I was living in Canada with my mother and rented my apartment out. I went back and forth between my family in the USA and my mother in Canada over the last 10 years. I was in Canada more than the USA. I did not work. In 2007 I had my accountant file my taxes in Canada for the years 1999-2000 even though I had no income. I get a letter from the CRA in Jan 2010 that I owe 4,000. I contacted my accountant right away, he did not know anything about this. I told him when I call the CRA they told me they contacted my accountant's offic in 2007 and advised another accountant in the office that I had no taxes due from the returns sent in for those years but that due to the accountant filing the 216 return l ate for the years 1999-2005. I owed non-resident tax arrears and that although they reversed any taxes due,as my apartment ran at a loss every year. I owed interest on the money that I could have owed?? No one contacted me, the CRA also said they had returned mail from me...weird because I have gotten every other letter to date, including all my returns from those years filed with a 'nil' amount due. My accountant suggested I write the CRA and ask to forgive this amount as there was never any taxes due in the first place. I am not sure what the outcome will be. I argued my residency point with the CRA a few years ago and they wrote me a letter stating they are now considering me a resident from 1999 - 2005? I had lived in my apartment in 2005. I am living in my apartment now and due to all my renters, am having to basically gut it and plan to sell it. Where do I fit in with capital gains. I believe I am and have always been a resident of Canada. I am told I will have to pay the 50% of the difference from when I bought in 1999 to when I sell in 2010 and then 25% cap gains tax...is this right! Sorry for blabbing on and on, with my husband's business closing in the US and having to start over again at our age ..it is frustrating to have to give our hard working nest egg to the government. Anyway, I hope I get picked by your experts to know where I stand with the CRA.
Posted on 5/20/2010 | See the Answer
#9
Question: Ask an Immigration Expert
I知 a US citizen who had a Canadian work visa and lived/worked in Montreal for 15 months in 2005/2006. I filed both Canadian and US taxes as required. I moved back to the US in 2006 thinking all was well and good. I got rid of all my Canadian accounts and records thinking they weren稚 going to be ever necessary. I now received this letter. I would like to just ignore it, but I知 not sure of the consequences of that. I do have to travel to Canada almost every month and I知 now worried I知 going to be thrown in jail when I next return. My questions are: 1. 1. What are the consequences of ignoring this? 2. 2. What can they do to me when I travel to Canada? 3. 3. I paid into the Canadian retirement service, is that money totally lost to me? Can I argue that they are going to get that money and I値l never see it? I fear that trying to straighten this out with the Canadian tax service is going to be really hard and stressful.
Posted on 5/13/2010 | See the Answer
#10
Question: Ask a Vancouver Island Realtor
My husband and I live in Victoria, and own a home in Port Alberni, which we are currently renting out. We will retire to this home in just over a year. Port Alberni just released a new 5-year plan and a plan for redevelopment. Is this a good time to look for a second/investment property in the Port?
Posted on 5/10/2010 | See the Answer