StatsCan: Average hourly wages 2007-2008

[johny]

Originally Posted by synchrocone

That pretty encouraging especially if the weak inflation numbers are right.

Hey, how come no-ones laughing??

numbers probbaly went up because all the lower paying people got layed off?....

[taylor192]

Originally Posted by johny

what? it says I'm renting out the 2nd bmd... which would conclude I own both.

You said you're renting an apt, or do you own a condo?

If you're renting an apartment, and sharing it with a roommate, you cannot deduct anything.

If you own the condo and are renting the second bedroom, you must lookup the rules of what you can deduct on your principle residence, and what percentage of your principle residence you're allowed to declare as a rental.

[Tapioca]

Originally Posted by johny

if you living an a 2 bedroom apt and are renting out the 2nd bedroom, can you write off the whole amount? or only half of it? what about TV, internet, elect bill ect?

I'm in the same situation as you. I own a condo, but I rent out a bedroom. You're allowed to deduct a portion of your expenses depending on how much space you use (e.g. 60-70 % of the apartment for your own use, 30-40% of the remaining expenses you can deduct since you're renting out the other portion.)

See the following on CRA's page for more information: http://www.cra-arc.gc.ca/E/pub/tg/t4...tml#P360_33597

Watch this practice, you'll lose the capital gains exemption on your house.

But, if my house/condo is my principal residence, am I not exempt anyway? I haven't looked into this too much myself, but wouldn't everyone who is renting a portion of their primary residence (e.g. a basement, bedroom, etc.) be losing this exemption when they sell their property? Or is it just that most people are not claiming their rental income?

24 is reasonable, that's a 50k/year job. How many people do you know make 80K? And yes, I mean outside your close knit circle of well heeled friends.

I'm taking a wild stab based on what I see and other people I talk to who aren't close friends. I guess there are various explanations:
- many are living on credit and are going to get screwed over when that day of reckoning comes
- others have two or more jobs and are using these jobs to support their lifestyle
- some are involved in crime, OR
- the job titles that people spit out do really mean something and they are making an above-average wage. (I guess I tend to believe this one more)

[TekDragon]

Originally Posted by johny

you could live month to month on that. but not the rest of your life. how are you going to pay rent between the ages and 60 and 90? you need to buy and have payed off a place to live before you retire. and you're not going to buy a place around here making 45k.

Its all about how you manage your money. I had debt (about 10k) coming out of school. Had it paid off, bought a car, and then bought a place within 5 years of leaving school all on under 40k a year.

[hotjoint]

Originally Posted by TekDragon

Its all about how you manage your money. I had debt (about 10k) coming out of school. Had it paid off, bought a car, and then bought a place within 5 years of leaving school all on under 40k a year.

some people who make under 50k like myself are fine whereas I know tons of people that make 50k and are struggling to survive. It comes down to money management

[l2_narain]

bump, stats for December 2011 was released