So....election in 2024!? | Page 4 | GTAMotorcycle.com

So....election in 2024!?

Evoex said:
If possible, get added to the title as 'tenants in common' and then change that location to your principal residence (at least on paper). Technically your husband could keep your current house as his principle residence if you guys own it. You may have to do some research on what you need to be careful of as you`re playing fast and loose with the rules but it's not illegal.

It's not perfect, if a principle resident of Hillburgh passed away before their spouse then CG would be due for them to inherit.
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I could go through a ‘separation’ with my wife for a few years if we do get the cottage.

Then after a few years of capital growth we can reconcile our differences and I move back in to the house…

I’m liking this plan…
 
crankcall said:
Capital gains are only a portion of the value . A percentage. If you can’t afford it you sell it and still have bags of money , if you keep it your net worth went up hundreds of thousands .
I can understand sentimentality and appreciate it , but it’s hundreds of thousands , you can feel sad in a smaller cottage .


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So in our case a trailer…cottage is like 600-700sqft…
 
mimico_polak said:
I could go through a ‘separation’ with my wife for a few years if we do get the cottage.

Then after a few years of capital growth we can reconcile our differences and I move back in to the house…

I’m liking this plan…
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Basically a morality tax.

A friend's wife died and he met a compatible widow. They both kept their own homes and never married due to cap gain and pension rules. He ended up pretty much living at her place and his son lived free at his. Simple rules: Her kids get her stuff and his kid gets his.

Sonny met and married a gold digger. The marriage pretty much dissolved when she found out she had no claim to half. Sonny's net worth was $10K on a good day. I think the burn out marks are still on the street from when she left.

Dilution is the problem. In the USA they passed the Gallo Act because the winery would have to dissolve to pay the cap gains. The case does have some merit if it means avoiding the destruction of a company and associated job loses etc. Not so much when it comes to keeping the kids rich.

$1.5 Million house, one kid, no problem.

Two kids get 50% down payments on house similar to parents. Who wants to downsize?

Three kids $500 K down payment, Million mortgage. Ouch. Can it be converted to a triplex?
 
Worse than dilution is three kids that want to keep the cottage , but one doesn’t have the proverbial pot to pee in. Others end up selling to keep family idiot at bay .


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crankcall said:
Worse than dilution is three kids that want to keep the cottage , but one doesn’t have the proverbial pot to pee in. Others end up selling to keep family idiot at bay .


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Our case is easier…sis wants no part of the cottage. They spent 300k on their backyard so they have a cottage in their own yard.
 
mimico_polak said:
Our case is easier…sis wants no part of the cottage. They spent 300k on their backyard so they have a cottage in their own yard.
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In that case you may wish to do what I suggested to @Amazon

Just sit down with a lawyer first to see where you have risk.
 
The advantage of growing up poor was there was really nothing to fight over when my parents passed. Sadly, 15 or so years later one niece started fighting with my sisters as she thinks she is somehow owed $700 from the long closed estate (which is not the case)... Everyone just stopped communicating with her.
 
mimico_polak said:
Our case is easier…sis wants no part of the cottage. They spent 300k on their backyard so they have a cottage in their own yard.
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Sounds good, hopefully no one changes their mind..
 
Jampy00 said:
Sounds good, hopefully no one changes their mind..
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Doubtful, I think we have a fairly good agreement...but for me personally I'm nudging my parents toward selling.

Right now we're going to be renting it out through family and friends only. We'll see how that goes.
 
backmarkerducati said:
The advantage of growing up poor was there was really nothing to fight over when my parents passed. Sadly, 15 or so years later one niece started fighting with my sisters as she thinks she is somehow owed $700 from the long closed estate (which is not the case)... Everyone just stopped communicating with her.
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She figures she's owed money from an aunt or uncle? Has she priced lawyers lately?
 
Back on the topic of elections, tho' this one in a different country.
Indian authorities say about 969 million people have registered to vote in the 44-day general election, creating a massive electorate of about 12 per cent of the global population for the biggest election in history. Once upon a time the world's largest secular democracy, hope it stays as such!
 
backmarkerducati said:
The advantage of growing up poor was there was really nothing to fight over when my parents passed. Sadly, 15 or so years later one niece started fighting with my sisters as she thinks she is somehow owed $700 from the long closed estate (which is not the case)... Everyone just stopped communicating with her.
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My inheritance will eventually be a quarter share of a tiny semi-detached house with a postage stamp yard situated right next to a railway line in a country several thousand kms away.

It’s definitely not a cottage.
 
Amazon said:
This thread makes me sad/angry. We have a family property in Hillburgh that's been a part of the family for well over 100 years, but when it eventually get passed to us grand kids, no way will we be able to afford the CG on it. It's 35 acres and the portion that was severed off 20 years ago is now being turned into 300+houses, a school, park etc. So it'll definitely be worth way more than the couple thousands it was purchased for back in the day. 😔
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There are special rules for farms, and properties acquired before 1972.

I’d research them. Using the land as a farm may be the key to a huge tax advantage as farms can roll over over intergenerationally.
 
crankcall said:
Worse than dilution is three kids that want to keep the cottage , but one doesn’t have the proverbial pot to pee in. Others end up selling to keep family idiot at bay .


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I just went thru that with my sis - not fun as I had to unwind her early inheritance because the spent the upkeep money on a Maserati.
 
Amazon said:
This thread makes me sad/angry. We have a family property in Hillburgh that's been a part of the family for well over 100 years, but when it eventually get passed to us grand kids, no way will we be able to afford the CG on it. It's 35 acres and the portion that was severed off 20 years ago is now being turned into 300+houses, a school, park etc. So it'll definitely be worth way more than the couple thousands it was purchased for back in the day. 😔
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Impossible! Our leader said it would only affect the top .13% !!.
 
jc100 said:
I still can’t get over how normalized it is having 2 properties here. Back where I’m from you’re in complete baller land if you have that. It’s hard enough getting one.

This is a very first world problem.
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The 15% increase in CG above $250,000 may resonate with a lot of people that don't have any investments, people living day to day are more concerned with housing, grocery and fuel prices. They may see the change as sticking it to the man.

The people that are concerned will have secondary properties and or millions in investments.

One day the ones that didn't see the bus coming get the bad news that their mom or pop died and all the potential CG's, the cottage, RRSPs, RRIFs will get heavily taxed. Of course probate eats a chunk as well.

I was honoured that a friend wanted me to be executor for his estate, until I got the details. CG and probate needed a quarter million and the heavily taxed RRIF wasn't going to be enough. His offspring want to keep the cottage based on the collateral value of some ten year old cars and sub average incomes. Their situation just got worse.

If this affects the stock market will there be a shift from growth to income?
 
nobbie48 said:
If this affects the stock market will there be a shift from growth to income?
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I have a relatively low percentage invested in Canadian markets. I can make a lot more invested elsewhere. With the high probability that our dollar takes a dump wrt usd, that decision is looking better every day.
 
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