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Canadians are quietly overspending on convenience May 24th
There is no doubt that life has become expensive. Everywhere you look, prices are rising: gas, groceries, restaurants, insurance. Everyday essentials that once felt manageable now seem to demand a small emotional recovery period every time you tap your debit or credit card.
If it’s not rising p.... More »
Commission warns N.B. residents against using Toronto insurance-related company - CBC Mar 21st
Commission warns N.B. residents against using Toronto insurance-related company CBC.... More »
Canada’s home insurance under pressure as extreme weather costs rise Feb 21st
Canada’s home insurance safety net is starting to fray at the edges as the costs of extreme weather continue to rise. While competition is still healthy, and the country has so far avoided the coverage deserts growing in the United States, insurers are paring back policies in a variety of ways to .... More »
California bear-suit luxury car scam ends in insurance fraud sentences for 3 Apr 18th
LOS ANGELES (AP) — Three people in California have been sentenced for insurance fraud in a bizarre scam that involved someone dressed in a bear costume damaging luxury cars..... More »
Warning to caregivers: Expect a scavenger hunt + MORE Feb 25th
This story is part 3 in a series on financial caregiving for seniors. Read others in this series:
3 signs you need to take control of your parents’ finances
Caring for a parent? Get a power of attorney
Before my father was diagnosed with dementia, I had a 30,000-foot awareness of my f.... More »
A client of mine told me (Ontario) that his girlfriend moved in and is paying $1,000 per month towards household costs. They won’t be common-law for 3 years in Ontario. Would this count as tax free?—Hans
There are a few considerations here for your client, Hans. I will break them down.
Rental income
When you earn rental income, you report it on your personal tax return on Form T776 Statement of Real Estate Rentals. You can claim rental expenses to reduce your taxable rental income. Common expenses include:
Advertising
Insurance
Mortgage interest
Legal and accounting fees
Management fees
Condo fees
Repairs and maintenance
Property taxes
Utilities
This list is not exhaustive, and repairs and maintenance can be complicated because some expenses that are more lasting in nature—like a renovation—may be capital expenses that must be depreciated over time.
Rental losses
If you have more expenses than income, you can have a rental loss…
