REVscene - Vancouver Automotive Forum


Welcome to the REVscene Automotive Forum forums.

Registration is Free!You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today! The banners on the left side and below do not show for registered users!

If you have any problems with the registration process or your account login, please contact contact us.


Go Back   REVscene Automotive Forum > Automotive Chat > Vancouver Off-Topic / Current Events

Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

Reply
 
Thread Tools
Old 03-06-2009, 06:10 PM   #101
HELP ME PLS!!!
 
johny's Avatar
 
Join Date: Jan 2004
Location: here
Posts: 5,793
Thanked 146 Times in 67 Posts
Quote:
Originally Posted by synchrocone View Post
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?....
Advertisement
johny is offline   Reply With Quote
Old 03-06-2009, 06:46 PM   #102
Banned (ABWS)
 
Join Date: Feb 2009
Location: Kits/Richmond
Posts: 4,409
Thanked 1,104 Times in 539 Posts
Quote:
Originally Posted by johny View Post
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.
taylor192 is offline   Reply With Quote
Old 03-08-2009, 11:55 AM   #103
RS has made me the bitter person i am today!
 
Join Date: Apr 2001
Posts: 4,697
Thanked 2,193 Times in 998 Posts
Quote:
Originally Posted by johny View Post
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

Quote:
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?

Quote:
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)

Last edited by Tapioca; 03-08-2009 at 12:17 PM.
Tapioca is offline   Reply With Quote
Old 03-08-2009, 12:36 PM   #104
My homepage has been set to RS
 
Join Date: Dec 2004
Location: Edmonton, AB
Posts: 2,451
Thanked 186 Times in 80 Posts
Quote:
Originally Posted by johny View Post
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.
__________________
Quote:
Originally posted by CRS
I would make a comment in regards to your intelligence but I don't think that you would appreciate the full mockery of that comment.

In other words..

I would love to insult you but you wouldn't understand.
TekDragon is offline   Reply With Quote
Old 03-08-2009, 02:28 PM   #105
Willing to sell a family member for a few minutes on RS
 
hotjoint's Avatar
 
Join Date: Feb 2005
Location: Surrey
Posts: 12,734
Thanked 673 Times in 368 Posts
Quote:
Originally Posted by TekDragon View Post
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
hotjoint is offline   Reply With Quote
Old 01-07-2012, 09:59 AM   #106
RS controls my life!
 
l2_narain's Avatar
 
Join Date: Feb 2005
Location: Vancouver
Posts: 756
Thanked 67 Times in 24 Posts
bump, stats for December 2011 was released
l2_narain is offline   Reply With Quote
This post FAILED by:
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT -8. The time now is 01:35 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2022, vBulletin Solutions Inc.
SEO by vBSEO ©2011, Crawlability, Inc.
Revscene.net cannot be held accountable for the actions of its members nor does the opinions of the members represent that of Revscene.net