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I bet the banks are really sad that new home buyers are barely going to touch the principal for a decade or more, and probably sell before that so they restart the curve some broken hearts on Bay Street for sure
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Apr 11, 2024 21:18
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Femtosecond posted:hahah the folks that massively overextended themselves and got hosed are getting bailed out. 
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Apr 11, 2024 21:19
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Femtosecond posted:hahah the folks that massively overextended themselves and got hosed are getting bailed out. This is great for people who own stock in banks. It's not going to do a lot to prop up housing prices, though.
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Apr 11, 2024 21:52
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https://www.cbc.ca/news/politics/freeland-housing-affordability-measures-1.7170671 posted:Ottawa also announced changes to the Canadian Mortgage Charter that will include an expectation that financial institutions offer permanent amortization relief to protect existing homeowners who meet certain eligibility criteria. Ah yes, the fabled "existing homeowner", the class of society most deserving of financial support
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Apr 11, 2024 23:19
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The funny part about this is it will probably delay rate cuts and backfire lol
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Apr 11, 2024 23:26
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Mantle posted:Ah yes, the fabled "existing homeowner", the class of society most deserving of financial support If you have a mortgage amortization period that exceeds your expected lifespan, are you really a homeowner or just paying rent to the bank?
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Apr 12, 2024 00:03
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Lead out in cuffs posted:If you have a mortgage amortization period that exceeds your expected lifespan, are you really a homeowner or just paying rent to the bank? Look mac, my name is on the paper, it's all in black and white. I'm taking 'em to the cleaners!
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Apr 12, 2024 13:34
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hbp rrsp withdrawals have always been a lovely deal. debt is debt. the only time they're a benefit for an individual is if you're borrowing so you can leave your tfsa alone (if you have both but also don't need both to afford to buy into the market) or if you're rich and you're just using it as a two year tax and interest free loan i'm not sure where i first found this paper (here maybe?) but the author goes into it here on page 21: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3240046
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Apr 12, 2024 13:36
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existing homeowners i.e. banksRBC posted:The funny part about this is it will probably delay rate cuts and backfire lol We'll follow the americans as always
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Apr 12, 2024 13:42
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Cold on a Cob posted:hbp rrsp withdrawals have always been a lovely deal. debt is debt. They are good deal but you have to be rich and have fully claimed down the tax refund. It’s not a tool for the poor i.e normal people.
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Apr 12, 2024 17:16
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qhat posted:They are good deal but you have to be rich and have fully claimed down the tax refund. It’s not a tool for the poor i.e normal people. For regular people it's usually blowing up a work rsp which is not a great prospect for Canadians retiring in the future.
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Apr 12, 2024 21:19
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Purgatory Glory posted:For regular people it's usually blowing up a work rsp which is not a great prospect for Canadians retiring in the future. No Canadians are retiring in the future. Retirement is a financial status, not an age.
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Apr 12, 2024 21:22
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So CRA has decided that renter peasants should be forced to be their lords' taxes lmao https://www.theglobeandmail.com/real-estate/vancouver/article-foreign-landlord-fails-to-pay-taxes-cra-goes-after-tenant/
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Apr 12, 2024 22:01
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COPE 27 posted:So CRA has decided that renter peasants should be forced to be their lords' taxes lmao What kind of horse poo poo is this? Can't go after landlord? How about forcing a sale of the property and getting the taxes from the proceeds, anyone think of that? Would suck for the person living there since they might have to move, but just lmao at being ordered to pay 6 years of back taxes on your rent, that's got to be in the tens of thousands. In the meantime the landlord is sipping Pina Coladas in Boca Raton or somewhere.
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Apr 12, 2024 22:07
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There's nothing illegal about moving out and telling homeless people a house is empty and the foreign owner might not find out for a while, right? Asking for a Comrade.
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Apr 12, 2024 22:14
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Guys there's only 1,000 cans of corn but 1,200 people are hungry for corn! Bidding wars are making canned corn extremely expensive!! How can we fix this? Ideas: -Government program to give all bidders an extra $100 each to help afford these high corn prices. -30 year corn mortgages. -Government program to, after 8 years of vicious debate with locals who think we actually have too much corn, create 1 subsidized low-income corn can. -Create a new tax that doesn't apply to luxury corn, only to the very cheapest style of canned corn that results in the cheapest market corn becoming more expensive, all to subsidize the creation of a couple slightly cheaper cans of corn. -Other massive fees and sin-taxes again the production of new corn. Absolutely unacceptable solutions: -Allow the market to simply produce as many cans of corn as there is demand and plugging the small lowest end with subsidized corn cans.
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Apr 12, 2024 22:30
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qhat posted:What kind of horse poo poo is this? Can't go after landlord? How about forcing a sale of the property and getting the taxes from the proceeds, anyone think of that? Would suck for the person living there since they might have to move, but just lmao at being ordered to pay 6 years of back taxes on your rent, that's got to be in the tens of thousands. In the meantime the landlord is sipping Pina Coladas in Boca Raton or somewhere. yeah they’re supposed to withhold if their landlord is non-resident but there’s no way to know, ignorance is not a defence, and it’s a huge stupid burden on the tenant gently caress that
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Apr 12, 2024 22:30
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Baronjutter posted:Guys there's only 1,000 cans of corn but 1,200 people are hungry for corn! Bidding wars are making canned corn extremely expensive!! How can we fix this?
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Apr 12, 2024 22:31
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Subjunctive posted:yeah they’re supposed to withhold if their landlord is non-resident but there’s no way to know, ignorance is not a defence, and it’s a huge stupid burden on the tenant A middle ground could be like "ok tenant you are responsible for the fees/compound interest, but the landlord still owes that 25% withholding. So instead of paying the landlord, you will now pay us until the debt is cleared". Nope, literally the whole amount is owed by the tenant. So if my landlord moves away and never tells anyone well sorry tenant you were supposed to know if your landlord was engaging in what is objectively tax fraud.
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Apr 12, 2024 22:36
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Also don't loving tell me more corn will bring down the price of corn. In my city we're allowed 500 cans a month for a demand of 600 buyers and corn is $89 a can. In Vancouver they have the HIGHEST DENSITY OF CANNED CORN IN CANADA and they allow 900 cans a month (for a demand of 1400) and corn is $150 a can!! If more corn brought down prices, why is vancouver so expensive? Checkmate.
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Apr 12, 2024 22:39
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How about this nightmare scenario? Landlord wants to evict tenant and re-let at market rates: 1) Become a non-resident for tax purposes 2) Don't pay taxes 3) CRA enforces against tenant 4) Tenant can no longer afford rent after income is garnished 5) Evict tenant for non-payment of rent 6) Find new tenant at market rate 7) Profit!
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Apr 12, 2024 22:44
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qhat posted:A middle ground could be like "ok tenant you are responsible for the fees/compound interest, but the landlord still owes that 25% withholding. So instead of paying the landlord, you will now pay us until the debt is cleared". Nope, literally the whole amount is owed by the tenant. So if my landlord moves away and never tells anyone well sorry tenant you were supposed to know if your landlord was engaging in what is objectively tax fraud. yeah I guess you need to get something in the lease that says they’ll inform you but the CRA will go after you and leave you to sue the dude in Belize to recover insanity
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Apr 12, 2024 22:44
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for payroll taxes CRA takes out liens on the homes of the people on the board of directors (happened to me!), they could do the same thing here on the property in question like it’s not an amount of money that matters to the government, so are they doing to provide a deterrent to tenants from renting? loving insanity
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Apr 12, 2024 22:46
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In most juristictions I don't think you can even stop paying rent if the landlord is in violation of the rental contract, but somehow you're supposed to know if a third party wants you to stop paying them without telling you?
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Apr 12, 2024 22:51
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Mantle posted:How about this nightmare scenario? I'm pretty sure nobody would ever bother to go through that tortuous process and all the other implications of declaring yourself non-resident when the tried and true method of "Uhhh...my brother is totally moving in so I have to kick you out...yeah that's it" still works in 99% of cases.
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Apr 13, 2024 00:03
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COPE 27 posted:So CRA has decided that renter peasants should be forced to be their lords' taxes lmao So apparently this poo poo isn't new -- there are articles about it going back to 2020 -- but it is definitely still poo poo. https://www.canada.ca/en/revenue-ag...quirements.html quote:If you receive rental income from real or immovable property in Canada, the payer (such as the tenant) or agent (such as the property manager) must withhold non-resident tax of 25% on the gross rental income paid or credited to you. https://www.mondaq.com/canada/withholding-tax/921234/rental-income-and-tax-requirements-for-non-canadian-residents JFC nobody loving knows about this. It is also batshit insane to treat the relationship between a tenant and a landlord like they're employer and employee, with the tenant being the employer.
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Apr 13, 2024 00:24
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Mantle posted:How about this nightmare scenario? I don't see how it's anything other than a slam-dunk argument that any money the tenant is required by law to remit to CRA on behalf of the landlord, that CRA expects or had expected to be withheld from rent paid, counts as rent paid. If I suddenly had to pay the equivalent of 25% of my rent to the CRA on top of the rent I'd already paid, you'd better believe I'd be informing the Landlord and Tenant Board that my landlord owes me that money.
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Apr 13, 2024 00:31
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Pretty simple solution honestly. i) Tenant pays the taxes. ii) House is now the tenants.
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Apr 13, 2024 00:34
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Canada Housing/Debt: How do I deduct my landlord's taxes on my tax return?
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Apr 13, 2024 00:41
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Calumanjaro posted:Pretty simple solution honestly.
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Apr 13, 2024 00:48
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Baronjutter posted:Guys there's only 1,000 cans of corn but 1,200 people are hungry for corn! Bidding wars are making canned corn extremely expensive!! How can we fix this?
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Apr 13, 2024 00:58
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Purgatory Glory posted:let's encourage hoarding of corn and make it tax efficient to do so On margin! Zoiby wanna hoard on margin!
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Apr 13, 2024 01:03
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Purgatory Glory posted:Have we tried bringing in more hungry people? That may help, if not, let's encourage hoarding of corn and make it tax efficient to do so. We tried that, so now we’re going to bring in slightly fewer hungry people, which will fix things.
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Apr 13, 2024 02:30
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Yeah I learned about the CRA thing AFTER I started renting from a foreign owner and it blew my mind. In my case my landlord had a Canadian property manager that I gave rent to so they would be the ones on the hook if shenanigans had ensued. It’s also a risk to be aware of if you buy from a foreign seller. I don’t remember the full details but you have to hold back money during the sale and only release it when they give you a clearance obtained from the cra.
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Apr 13, 2024 12:49
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Lmao https://www.timescolonist.com/local-news/short-term-rental-unit-owners-file-lawsuit-against-province-and-city-of-victoria-8590100 quote:An organization representing short-term-rental-unit owners announced Thursday that it has filed a petition in B.C. Supreme Court against the province and the City of Victoria in a last-minute bid to preserve their operations. Sometimes laws change and a thing that was previously licensed and lawful no longer has that status. It's pretty fuckin' wild this society we have.
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Apr 13, 2024 13:48
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COPE 27 posted:So CRA has decided that renter peasants should be forced to be their lords' taxes lmao This seems extremely odd, that the CRA did not consider levying a municipal tax on the property. For some of our provincial regulations where the owner of a premises is noncompliant, action needs to be taken, and the owner refuses to do so - the work can be enacted regardless - and all the costs of that work are levied onto the property owner. ... and if the property owner doesn't pay their municipal tax, the city has options, which could include (at the most extreme) seizure of said property to resell it to recoup the expenses owed. Hopefully a goon with good legal background could explain why this was not done?
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Apr 13, 2024 13:56
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it's easier to gently caress over the people without power instead i guess see also: the secret kpmg deal the cra made to collect a fraction of what they were owed and ensured nobody would face actual criminal charges for tax evasion edit: it is kinda nice going to reddit, searching for this article and seeing all the chuddy, lib, and commie subs united in a giant "what in the goddamn gently caress is this bullshit" about this though. today, we are all Canadians 
Cold on a Cob fucked around with this message at 14:21 on Apr 13, 2024 |
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Apr 13, 2024 14:15
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COPE 27 posted:So CRA has decided that renter peasants should be forced to be their lords' taxes lmao This is a stupid ruling for many reasons. Non residents have non resident tax account numbers assigned by the CRA that are used when remitting rental withholdings. (25% due 30 days after each rental payment) So the CRA can keep track of the payments made throughout the year. There are some serious penalties that accrue if you remit late. I am surprised that the CRA didn’t go after the property (It would be a good way to develop government owned rental stock.) I have thought about rental income and taxes and there really should be a system in place for tenants to check the address they are living at to see that the owners are reporting the income. It is too easy for owners to commit intentional tax fraud when the system relies on self reporting.
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Apr 13, 2024 15:30
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If nothing else they should have notified the tenant to remind them of their withholding requirement before six years had gone by, since the tenant obviously wasn’t submitting the withheld tax either.
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Apr 13, 2024 16:23
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Cold on a Cob posted:it's easier to gently caress over the people without power instead i guess My understanding of the ruling (and the CRA advice on their own website, and various articles by lawyers over the past few years) is that the issue is with the legislation itself. Parliament wrote the law this way, and Parliament has to fix it. So the question I have is, which law, and which Parliament wrote it? (This is also kinda relevant to me because my landlord is definitely not resident for tax purposes, and while there is a property manager, a. he's a personal friend of the landlord, and b. I don't think the law absolves you as a tenant of liability just because there's a property manager. I don't even think you're supposed to allow the property manager to be the one withholding the tax. The way it's written you as tenant always have to do the withholding.)
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Apr 13, 2024 16:51
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