Safari may actually be cheaper. I have a place to stay in Kenya and can get resident (but not citizen) rates.
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BOC Hits 5%
- Thread starter Mad Mike
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Wife wants to tackle Kilimanjaro, I’ll be messaging you lol
I did mount kenya. They did kili the next year. I couldn't afford the money or time to go again. Kili was taller but not harder.
Amateurs. I did Blue Mountain and Centennial Park in Ontario.
My first house was on top of the escarpment at Rattlesnake point , I rode my bicycle to work and home most days . A long time ago…
Unless you have connections, proper safari is not cheap . Hiring 50 porters to carry all that mahogany furniture is gonna add up.
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Unless you have connections, proper safari is not cheap . Hiring 50 porters to carry all that mahogany furniture is gonna add up.
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I went diving off Watamu. If I booked the dive as a foreigner, it was $200 per dive. If my family living in Kenya booked it, it was $100 per dive. If a Kenyan booked it, it was $50 per dive. The exact save physical dive on the exact same boat using the same equipment. Without connections, you wouldn't even know you were getting fleeced.
My niece lives in Kenya , she’s a missionary ( yeah , I know LOL) , national park passes and everything else is geared local price / tourists prices . I guess I get it , when you can come from Canada to see an elephant, that’s one thing . She makes about $400 a month . Go team Jesus …..
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Looks like some relief is coming for upcoming mortgage renewals. Will still be a kick in the nuts for anyone <2% when they renew at close to 5%...
I'm at 5.9% variable, not sure it's even worth locking in right now as I expect some cuts next year but will have to check the numbers.
www.thestar.com
I'm at 5.9% variable, not sure it's even worth locking in right now as I expect some cuts next year but will have to check the numbers.
Mortgage rates are finally dropping as five-year rates fall below 5%
Five-year fixed mortgage rates are falling to levels not seen since May as markets price in possible 2024 central bank rate cuts
www.thestar.com
It depends what kind of account they are in and how much you paid for them. The answer is almost always less today than in the future as government needs more money to burn. It's not very helpful right now but if it's a really big chunk, sometimes income splitting by selling a bunch at the end of the year and a bunch at the beginning of the next year can reduce taxes by having constant income instead of a windfall year and a kraft dinner year.
Something in the ballpark of (Sale price minus cost)*0.5*marginal tax rate
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Ask your accountant..
Or.. post up all your financial records and one of us can try to give you a somewhat close to accurate answer.
Mad Mike
Well-known member
This is a simple question that can have a complicated answer - see a local bank financial advisor or whomever does your income tax it's under $500K, over $500K then ask your bank to connect you with a Wealth advisor.
Generally speaking, if you sell an investment at a profit, you’ll have to add 50% of the capital gains to your income. You’re then taxed on your personal income tax rate based on your tax bracket. There may be additional tax or tax relief based on other circumstances:
- If it's held in a TFSA, you will not be taxed on any gains or withdrawals of the principal.
- If it's held in an RSP, any withdraw (principal+gain) is taxed as income at your personal income tax rate.
- If it's shares in your family farm, fishing biz, or Canadian small corporation there is another exemption, it's complicated and you'd know if you qualified.
- If you sell another investment at a loss, this loss can be used to offset your gain.
I have considered taking out the bulk of my RSPs simply to just drop my mortgage down to 100k...
However, once I calculated the tax on that money to come out at my current salary...doesn't seem worth it.
I'm better off just trying to pay a bit more monthly to speed up the paydown, as the hit tax wise is too much.
EDIT: This would be 'second to last' resort if I lost my job, health, or some major crisis found it's way to our family. I'd go begging to my parents to borrow some funds to weather the storm.
However, once I calculated the tax on that money to come out at my current salary...doesn't seem worth it.
I'm better off just trying to pay a bit more monthly to speed up the paydown, as the hit tax wise is too much.
EDIT: This would be 'second to last' resort if I lost my job, health, or some major crisis found it's way to our family. I'd go begging to my parents to borrow some funds to weather the storm.
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CPP is Ok but OAS gets clawed back. IIRC 15% for every dollar over around $85,000.
Depending on tax rates and the amount cashed in. With substantial incomes ballpark the government taking 25% of the gain.
A friend bought a cottage for ~$125,000 and if he cashes it in at $525,000 he makes $400,000. 50% is deducted leaving $200,000 taxable. That is added to his CPP, OAS and work pension incomes. His taxable income could come out at close to $300,000 and everything is taxed at the $300,000 rate. RRIF withdrawals drive it even higher. The tax rate is punitive, . AS GG Suggests split it over at least two years January 2024 / January 2025
For my friend, and I'm guessing at numbers it could be:
If you make $300,000 a year living in the region of Ontario, Canada, you will be taxed $127,985. That means that your net pay will be $172,015 per year, or $14,335 per month. Your average tax rate is 42.7% and your marginal tax rate is 53.5%.
With interest rates the way they are and possibly a slow reduction later in the year, we looked at the real estate market to see if we could find some bargains and make a little bank. Not looking at investment properties as being a land lord can be a hassle.
We had an idea of our home value and there was an appeal to finding something with more of a cottage life while still working from home.
We did ok on the sale of our home. It’s located in North St Catharines and a bungalow that has broad appeal.
We found a property along Lake Erie in Ridgeway a stone’s throw from the beach but, not on the water. Made a little pocket change and ported the remaining mortgage to the new place.
Now to research some solar energy solutions for the new place.
We had an idea of our home value and there was an appeal to finding something with more of a cottage life while still working from home.
We did ok on the sale of our home. It’s located in North St Catharines and a bungalow that has broad appeal.
We found a property along Lake Erie in Ridgeway a stone’s throw from the beach but, not on the water. Made a little pocket change and ported the remaining mortgage to the new place.
Now to research some solar energy solutions for the new place.
I looked at Lake Erie shoreline out by Lowbanks , just west of Port Colborne . A decade ago the cottages on water were a real bargain. Not so much now . Lots of folks have figured out 1hr 1.5hr drive from GTA west vs. 2 hr 4hr drive to tbe near north has appeal .
Good on you nakkers !
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Good on you nakkers !
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The landlord bit is particularly challenging today with the, IMO, radicalization of many average citizens. The result is "You made a killing on real estate so I'm not paying my rent and I'm not moving out."With interest rates the way they are and possibly a slow reduction later in the year, we looked at the real estate market to see if we could find some bargains and make a little bank. Not looking at investment properties as being a land lord can be a hassle.
We had an idea of our home value and there was an appeal to finding something with more of a cottage life while still working from home.
We did ok on the sale of our home. It’s located in North St Catharines and a bungalow that has broad appeal.
We found a property along Lake Erie in Ridgeway a stone’s throw from the beach but, not on the water. Made a little pocket change and ported the remaining mortgage to the new place.
Now to research some solar energy solutions for the new place.
The renters fail to see that the rent loot is indirectly shared by the banks, government, sales agents and builders. If the property investment doesn't work out the owner is the sole target.
I don't see people (Yet) walking out of Loblaws without paying for their groceries because Weston is making a ton of money.
Real estate is a long term investment and ROIs are all over the place. Two identical places could have the same rent but one owner is on the ropes while the other is laughing his way to the bank. The first guy bought at peak while the other bought ten years ago.
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