Went to a home sale open house last fall here in Oakville, at least 20 business cards from Asian agents on the counter . Some from a long way away . It’s a thing .
I worked on one. I asked the electrician why the guy was spending so much on a ho-hum house. "He owns several body rub parlours and gets so much cash he needs to hide it. Prime residence doesn't get scrutiny."
Trust me the CRA will ask about a primary residence during an audit if you live in 4000sq ft and own a hot dog cart and make $14,000 per yr .
In our annual audit the CRA guy told us they now pull insurance policies to see what is insured in your name or company name . Oh you have a plane , a small yacht and a mclaren and you own a hot dog cart ?
Trust me the CRA will ask about a primary residence during an audit if you live in 4000sq ft and own a hot dog cart and make $14,000 per yr .
In our annual audit the CRA guy told us they now pull insurance policies to see what is insured in your name or company name . Oh you have a plane , a small yacht and a mclaren and you own a hot dog cart ?
Trust me the CRA will ask about a primary residence during an audit if you live in 4000sq ft and own a hot dog cart and make $14,000 per yr .
In our annual audit the CRA guy told us they now pull insurance policies to see what is insured in your name or company name . Oh you have a plane , a small yacht and a mclaren and you own a hot dog cart ?
Reminds me of this winner .. and this is just the tip of the iceberg. He screwed over many other people who were upside down on their mortgage because of him. Pretty sure he's still living at the house mentioned in article. It's on Bronte rd just north of the highway. Right across from the new townhome builds. At one point he had over 100 rental properties in Hamilton.
Reminds me of this winner .. and this is just the tip of the iceberg. He screwed over many other people who were upside down on their mortgage because of him. Pretty sure he's still living at the house mentioned in article. It's on Bronte rd just north of the highway. Right across from the new townhome builds. At one point he had over 100 rental properties in Hamilton.
Even so, that's a lot of coin for a small footprint. I don't know if there is a max price that I would consider for a principal residence. I suspect there is and mine is nowhere near that but until you are in the situation it's hard to say it would never happen.
Oh it’s a lot of coin, I could never see myself needing that . That’s an ok house in Oakville, a small cottage in Parry Sound and a south Florida low rise condo
Trust me the CRA will ask about a primary residence during an audit if you live in 4000sq ft and own a hot dog cart and make $14,000 per yr .
In our annual audit the CRA guy told us they now pull insurance policies to see what is insured in your name or company name . Oh you have a plane , a small yacht and a mclaren and you own a hot dog cart ?
I had an audit a few years ago, my books, taxes, and filings were squeaky clean. They audited me in the early ecommerce days because my GST filings always had them sending me money (90% of my shipments went GST free into the USA). The auditor figured out my books were clean in about 2 days, but she went thru my stuff for the full 10 days allocated to do the audit. I'm sure she was in part doing her gov't job duty to ****-the-dog, but she also went thru all my personal stuff and found a few large personal exchanges paid thry my company but accounted for as drawings to me. They were between me and a buddy related to car and boat purchases he made for me.
I came out clean, but mysteriously he was audited a few months later and didn't fare so well.
I had an audit a few years ago, my books, taxes, and filings were squeaky clean. They audited me in the early ecommerce days because my GST filings always had them sending me money (90% of my shipments went GST free into the USA). The auditor figured out my books were clean in about 2 days, but she went thru my stuff for the full 10 days allocated to do the audit. I'm sure she was in part doing her gov't job duty to ****-the-dog, but she also went thru all my personal stuff and found a few large personal exchanges paid thry my company but accounted for as drawings to me. They were between me and a buddy related to car and boat purchases he made for me.
I came out clean, but mysteriously he was audited a few months later and didn't fare so well.
Yup , they will find something and if you behave they won’t make it painful . Our last was big boss arguing with CRA that free coffee is not an employee benefit . If nobody’s walks around taking coffee orders and doing Tim’s run , then hands stuff out you loose hours of productivity. We still have free coffee for everyone but it’s not a company expense anymore .
2hrs outside the GTA but talk about shop space for cheap (these days considered cheap). On the plus side taxes are only $1200/year since the property is only assessed at $90k lol. Needs hella work but I'm interested
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