Friday Free-for-all! Summertime!

It’s that time of the week again…

Friday Free-for-all time!

This is our regular end of the week news round up and open topic discussion thread for the weekend, a beautiful summer weekend in paradise!

Here are a few recent links to kick off the chat:

Why won’t this guy buy?
TD warns of frothy market
What to do with housing gold
Liar loans
High prices not magic
Protect house prices
Seattle bubble blog back
Money laundering welcome?
important roll in the economy
Worst non-recession in 50 years
Vacant homes as dumpsters

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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say whaaaa?
Guest
say whaaaa?

第一个!

StupidityCheck
Guest
StupidityCheck

第二 !

garth-the-goat
Guest
garth-the-goat
The easy way to end this whole debate about free-loading off-shore money is for the CRA and Provincial Revenue Agencies to audit every owner of a home over $1.5 M . Then it either becomes apparent that they are hiding their income while enjoying the benefits, like all the IPP entrants who paid $18 K a year tax on average …but probably own million dollar houses and we are too stupid to ask… duh how do you do it on a such a low income. OR The property is owned by a non-resident THIS is how you get the data. This can only be done by the Federal or Provincial Government. So when Harper loving Garth says that ‘there is no data’ . Why doesn’t he suggest how we can obtain it? When Christy Clark says there is no data… Read more »
bestplaceonearth
Guest
bestplaceonearth

#3,

so the audits include all the seniors who own their homes since the age of time? gosh, i thought bears have more brain than this !

Best place on meth
Member
Best place on meth
franko
Member
franko

Could someone with better hearing and comprehension ability please explain to me what Mr. Mulcair’s stand on pipelines, and particularly Keystone XL is?
Thank you.

Bo Xilai
Member
Bo Xilai

#6 Franko: Mulcair’s stand is “Pipelines if necessary, but not necessarily Pipelines.” or some other gobbledygook.

Brian Ripley
Guest
Brian Ripley

Vancouver Single Family Detached prices continue to defy gravity and now are ignoring the seasonal change to detumescence. Continued arousal will create another doubling in SFD price by October 2018 (since the April 2008 boner, er, I mean high). Chart here:

http://www.chpc.biz/bull-horse-mountain.html#Double

In extreme cases, priapism can result in gangrene.

space889
Guest
space889
@garth-the-goat – On average, you can make over $80K in dividends before you have to pay a dime in income taxes, assuming you have no deductions, all thanks to dividend tax credits. Even with fully taxed interest income, with no deductions, $18K income tax will translated to about $60K interest income. Most of these immigrants are all private clients of big banks and asset mgmt firms. So $18K in income taxes can easily translate to $150K in income, assuming no deductions. Off course they have kids and can probably have some deductions. It’s a known fact that your effective tax rate tend to go down as your income & wealth rises. Some partner at law firm or asset mgmt firm is probably paying taxes at a rate much lower than a non-partner. I have friends who do IT consultant and… Read more »
space889
Guest
space889

@franko – Keystone is dead without US approval and frankoly with oil price is low, even with US approval it is probably dead.

Way better for Canada to actually build a couple refineries and keep the oil for domestic use rather than export the oil and then import gas. Just like how we export raw lumber and then import furniture. Stupid.

realist
Member
realist

@4 bestplaceonearth

“so the audits include all the seniors who own their homes since the age of time? gosh, i thought bears have more brain than this !”

CRA can audit any person or entity that they choose to audit, and they have no obligation to provide to anyone an explanation as to why or who they have chosen to audit. CRA is one of the few government programs that administers means-testing, and on a regular basis: for many, it’s April 30 every year!

realist
Member
realist

Regarding CRA audit, CRA’s appetite for auditing small-time tax evaders, like wait staff pocketing tips, is greater than for investigating complex money-laundering, offshore holding companies etc. It’s only human to prefer low-hanging fruit, moreover, CRA has its own internal problems with corruption — and they have opened their own snitch-line to report on it!

http://www.theglobeandmail.com/news/national/cra-wants-to-catch-bad-employees-with-snitch-line/article20618961/

vangrl
Member
vangrl

#9

not sure what you’re talking about, but if it’s the IIP earners, it’s not $18,000 in income “tax”, they are paying/declaring, it’s $18,000 in “income”.

And Dividend income tax is calculated at 138%, so although you get a huge break, and basically pay 0 in taxes (up to a certain amount, but not $80,000), 60,000 dividend income, translates to $82,800 in income.

realist
Member
realist

Like CRA audits, feel free to downvote any comment for any reason, but if you are inclined to do so because its subject is taxation rather than RE, please think again: the biggest single event in home ownership in Canada occurred in 1972, when capital gains tax was introduced, but the principal residence was exempted from same. What we see today: endless reno-flipping, the miraculous ability to live in 3 houses simultaneously as a principal residence, etc, stem from that decision.

Oracle
Guest
Oracle

Hearing that there is going to be a huge influx of Supervisa grandparents, temp students, and temp workers into Canada.

Word is that a Con gov would overlook their stay. and invite more.

If the NDP or Liberals get power, word being thrown around is “AMNESTY” to the million foreigners here!!

WTF?!

devoid of reaosn
Guest
devoid of reaosn
@ 4 You are wrong. I garth-the-goat is right. You can have a very simple audit that doesn’t inconvenience the seniors living in Million dollar homes, bless their souls… the CRA or BC revenue agency writes to every home owner and asks them to submit their tax return. They already have all the names of the home owners. Both provincially and locally (for local taxes) then we can see who is not even sending in a tax return but is apparently a resident living in a $5 M house. This excuse of harrassing poor senior’s living in wealthy homes has been used for TOO LONG by the Money launderer apologists as a way to stop any delving into income and allow the rest of us to be fleeced. ENOUGH BTW I am an Immigrant and am sick of giving a… Read more »
franko
Member
franko

@#10, Space

Agree with totally about our own refineries, and I don’t expect the Obama administration to approve Keystone. In the meantime, our oil will continue to be moved (in a more dangerous and costly way) by rail. As for today’s low price of oil, I was thinking more what the price might be 30 years from now.

southseacompany
Member
southseacompany
“Are millennials better off renting? Why young Canadians may want to put off home ownership”, Financial Post http://business.financialpost.com/personal-finance/mortgages-real-estate/are-millennials-better-off-renting-why-young-canadians-may-want-to-put-off-home-ownership “The U.S. Federal Reserve recently suggested that young Americans may be wise to delay the purchase of a home. Given Canada’s surging home prices, young Canadians should be even more inclined to consider the advice to put off home ownership.” “In a report from the St. Louis Fed, titled “The Demographics of Wealth,” the authors raise concerns that buying a home too early is putting young families on a trajectory to be poorer than all previous generations.” “Delaying home ownership is a solution that they put forth, suggesting that millennials “delay purchase of a home with its attendant debt burden until it (is) possible to buy a house that (does) not make the family’s balance sheet dangerously undiversified and highly leveraged.”” “Given… Read more »
Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@5

but what’s the chart for vancouver? personally i feel good owning a house going into 2015.75. security is a big plus and a house gives that to you.

realist
Member
realist

@16 devoid of reason

“the CRA or BC revenue agency writes to every home owner and asks them to submit their tax return.”

Title information is a public record, to which CRA has access. CRA doesn’t need a person’s permission to review that person’s tax return, or to initiate a formal audit. And CRA doesn’t need the person’s tax return or the person’s permission to pose questions to that person, or anyone else. All of which leads one to question: why exactly is tax evasion so blatant?

Mortgageslave
Member
Mortgageslave

“but what’s the chart for vancouver? personally i feel good owning a house going into 2015.75. security is a big plus and a house gives that to you.”

I feel better to have sold, now renting a house worth over a Million and having my down payment invested in a diversified portfolio by a professional.

I honestly with you Good luck with that but just feel that having a large mortgage full of risk, with factors you can’t control affecting it one way or another.

Most Bulls are always posting on here because they only have houses as investments. Once you sell your house and have a nice, fat nest egg your realize that if you just invest it safely and try to stay away from risk financial freedom is not too far away.

Mortgageslave
Member
Mortgageslave

“Could someone with better hearing and comprehension ability please explain to me what Mr. Mulcair’s stand on pipelines, and particularly Keystone XL is?”

From the debate last night…..

Mulcair is against Keystone XL as he wants those 40,000 jobs that would be created in US, to be created in Canada. I would think this makes perfect sense?

He also wants to put Canada back on the map as taking climate change seriously.

Harper will buy enough votes, I just hope that not too much of the vote is split between NDP and LIBERALS. We need to pick a side to ensure this dictator is destroyed!

bestplaceonearth
Guest
bestplaceonearth

@realist

“easy way to end this whole debate about free-loading off-shore money is for the CRA and Provincial Revenue Agencies to audit every owner of a home over $1.5 M .”

i was just referring to the sentence posted with “every owner” on it.

of course, the cra has the power to review or audit on any person it choose to do so.

patriotz
Member

Family-size condo in Yaletown sells quickly

Reads like satire but I guess Vancouver is beyond satire.

Sold for $2,930,000. As luck would have it, a near-identical unit in the same building is for rent, for $6,500/month.

http://www.padmapper.com/show.php?source=1&id=239458011&src=main

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@21

>now renting a house worth over a Million

so you’re renting a below average house in city of Vancouver or average house in the burbs? awesome!

best of luck with your ‘safe’ investments. QE4 may stave off the inevitable but it’s a matter of time until you realize that stock certificates don’t provide the best shelter.

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