Manic you should be on the Nanaimo tourism board.

Oooooo..big fan of Sushi Hachi pre-kid but haven't been since. Will definitely try Yoshida then.

A builder special 2000sqft on a small lot is the "fuck it, I'm moving and uprooting my life" ticket? I feel like you might as well head to Chilliwack then, probably can get close to that without the inconvenience of the ferry.

-Mark

I don't think of a 5000sf lot as a small lot in the context of the lower mainland and I don't think a builder special there is the same as one here (buddy guy EI builder). There's some decent selection around the $1m point anyways and, at those prices, I could pay someone to build me a custom home on a slightly bigger lot.

I've lived the island life and I like it a lot so it can't compare to Chilliwack for me and I don't see the ferry as an inconvenience - it's just part of island life for me. I got friends on the island, love the lifestyle, it has better weather, and the difference in my standard of living would be huge (I'm not kidding that I could add a 991 GT3 to my life if I lived there).

I still can't go through with it because of my responsibilities here but, man, I sure have to think about it long and hard once in a while. I've got friends who are 10-20 years younger than me who make $$$$ and they're almost certainly hitting the island when they start a family - they can work remote and love the lifestyle too.

Also a long time Shimaya customer since I live close by. We tried Yoshida couple weeks back and it felt very similar would repeat to give it another go. Bonus points the wife said they were super nice and has great customer sevice. My wife absolutely hated the Japanese lady that was at Shimaya constantly having rude interactions. I however never had issues but I can see how she could rub some people the wrong way though I have strong tolerance for that stuff.

There is a new Registered Savings Account coming for First Home Buyers, works like an RRSP and TFSA. If the ballers here don't qualify, maybe your young adult child will. Starts Apr 1, 2023, $8000 max/yr for 5 yrs. Can always catch up to the max allowed in subsequent years if you don't reach max in one year = $40K in 5 yrs is your max.

https://www.canada.ca/en/department-...s-account.html

Hmm so you save 40gs in 5 years then home prices go up $300k, can you even buy a civic anymore in 5 years for $40g

:pokerface::lawl:

I read through the link, what’s the benefit of doing this over just a normal TFSA?

Is this assuming the person using this has maxed out their TFSA?

If there are 2 people ... you can save 80G. You gotta start somehow. Definitely more helpful in Regina!

I believe it is like an RRSP, you can claim it and not pay income tax on the amount you put in. And any amount that it grows, it is also tax-free ... so the best of RRSP and TFSA.

^ What he said, so at least 40k is tax free. At say 80k income a year, and you manage to squirrel away 40k in the account, you save ~10k in taxes, effectively the gov't encouraging ppl to save with an extra 10k.

So this is effectively the same thing as the existing Home Buyer's Plan, but with an additional $5k higher limit... Or are there some other significant differences I'm missing?

Ah ok so the claiming part for tax purposes is the difference. Makes sense

Plus, unlike the HBP, you don't have to pay back in with it. All you gotta do is put it all on crypto and you'll be in a detached lower mainland home in 5 years.

But how are millenials gonna save $40k with all the avocado toast they are eating?

Welp, the thing is if anyone is going to save, they have to save anyways, with or without this tax-saving incentive, so why not use this? Unless they get a silver spoon from daddy and mommy ... no penalty, all incentive. Even then, I can think of ways that daddy and mommy put the $$ into the kid's account for a bit of tax savings (child gets the tax break benefit).

And there is some easy way you can move the $$ to your own RRSP if you decide not to use it to buy a home.

Lol there's rent caps but the city wants 9.7% property tax hike Hur Durr cuz inflation :fulloffuck:

^ It MIGHT be their plan to make renting untenable and negative cashflow so there are more units for sale. I may be giving them too much credit to able to try and even come up with that and they aren't just greedy for more taxes.

My parents probably going to do this for my sister. I mean why not, it’s what amounts to free money

contribution is 8k/yr, 40k is lifetime

good start but 150k both programs combined and dual income might just be adequate now for vancouver but saving that for another 5 years, who knows where the prices will be

Ugh... so basically it's another $40k trap (per child) for Chinese parents to put money into. I'm glad I do not have 3 kids... FailFish

Speaking of tax incentivized saving accounts.

Do you guys think TFSA will be nerfed sometime in the future? A lot of peeps have $88 - 150K into their TFSA now over the last 10 years. At $150K @ 5-8%, that's almost $7,500 - 12,000 in tax free income. Seems like the only way to get ahead nowadays!

Does it matter? It’s a tax free investment incentive. If you don’t use it for a house you can transfer your tax free gains to an RRSP.

This was in regards to people saying it won’t help first time buyers…

I think the horse is out of the barn now and it'll be very hard to get rid of but they could stop indexing the contribution limit so it doesn't keep growing. I use my TFSA but it's really a huge giveaway to the upper-middle class - no one in the working class can afford to use it - and it's going to cost the gov't billions in tax revenue down the road which they'll recoup by taxing us in other ways.

Noones gonna nerf it

Most people put money into their RRSPs and TFSA accounts, get their 0.3-2% yearly and that's it. I bet there's a fraction of people that actually self invest in index funds. Those that give it to a manager, rarely see over 4-5%.

That same bank is hustling and or leveraging your 100k out to investors, capital markets, international banks, fee based income, etc.
The bank makes 3-24% from your money, they LOVE it when people max out their RRSPs and TFSA

Yea I doubt a lot of young people have maxed tfsa/ rsp, most will drain it all to buy a house with. I wish I can afford to max out my tfsaFeelsBadMan