Rental help needed - Landlord

[JP0160]

Forum Sponsor

Ya fire alarm every room. Insurance knows. Tenant insurance is a must.

I have a Siberian husky that will kill any dog. Snow clearance is the thing I want to make sure it's in their. The Ontario lease doesn't let me do it.

Wtf? Do you live in a compound with armed guards and a release the hounds button? What if your killer dog gets loose and mauls some small kid? If I were looking to rent and the LL told me that, I would bail instantly. Ol' Yeller that thing before it hurts someone.

"Hey, rent my basement apartment, btw my dog will kill anything it sees." Wow.

 

[Evoex]

What the hell do you mean by Canadian born? OP better check himself.

 

[bigpoppa]

Ok. I'm losing it now. Need advice and help. [/QUOTE]

He works at TD so I can garnish wages after I get a judgement. New immigrant so I'm not worried. I have friends who are lawyers so i'm not worried.

You sound worried.

I have a Siberian husky that will kill any dog.

lol?

 

[sburns]

Canadians in the GTA are entitled and lazy. If you go outside the GTA, you will find that Canadian born kids are more hard working. Sorry if that offends you, but it's true. For some reason the parents in the GTA baby their kids too much and they want everything given to them, instead of working like everyone else for it. In my previous businesses my best employees have been College kids who came from outside GTA like Hamilton or Barrie, otherwise all immigrants.

Umm what the heck??

I've worked for everything I have with no handouts, born and raised IN Toronto, and I live here as well.
And we've worked hard to support and allow immigrants to come over to this good country and live in this city or it's outer cities...you are welcome!

Hopefully you are not projecting this negative attitude/opinion onto your potential renters as you will only get it in return.

 

[FLSTC]

...I know Ontario government went crazy against landlords. Is there anything I should be aware of?

On a different topic, the federal goverment is after the primary residence exemption from capital gains tax (worth ~$7B/yr).

If you sell in the future, you are no longer eligible for the complete capital gains exemption for primary residence -

If only a part of your home is used as your principal residence and you used the other part to earn or produce income, whether your entire home qualifies as a principal residence will depend on the circumstances.

It remains the CRA’s practice to consider that the entire property retains its nature as a principal residence, where all of the following conditions are met:

the income-producing use is secondary to the main use of the property as a residence;
there is no structural change to the property; and
no capital cost allowance (CCA) is claimed on the property.
If your situation does not meet all three of the conditions above, you may have to split the selling price and the adjusted cost base between the part you used for your principal residence and the part you used for other purposes (for example, rental or business). You can do this by using square metres or the number of rooms, as long as the split is reasonable. Instructions are provided in the guide T4037, Capital Gains 2016, on how to report the sale of your principal residence in this situation.

For more information, refer to the Income Tax Folio S1-F3-C2, Principal Residence


*You may want to do some financial models to consider the tax implications of renting... i.e. if you are intending to sell after a significant appreciation, would the % capital gains tax be more than profit of rental income.

 

[Riceburner]

Maybe he's only exposed to millennials.....

Forum Sponsor