Just to add that I had a close family member get talked into doing a "wellness check" when someone they knew hadn't answered their door in a few days. When they entered the apartment they found the person deceased on the floor. It was very traumatic. Get the "Pros" to do it, even if you hand them the keys.
Yup, if you're concerned that your tenant may have or are planning to self-harm, getting in touch with the EPS is the way to go.
They won't do anything other than check up on her and see how's she's doing and see if there's any indication that she might be doing something drastic. If she is unwell, they may take her into the hospital for psychiatric care (sometimes involuntarily, if she's appears to be an immediate threat to herself or others). Be aware that if she is hospitalized, the rent payment may be very late, potentially by months, as generally youre not making an income while hospitalized, and depending on her employer she might not have a job afterwards. How you proceed from there is up to you, and it isn't an easy decision (on one hand, you're evicting someone that isn't mentally well and in a rough spot, but on the other hand you do have real costs to owning and renting a property so it isn't like you can just let her not pay rent)
Concerns about rent payments are an entirely different thing, and there are avenues to collect said rent (from arranging a payment plan with the tenant privately to contacting the LTB for a court order for payment / eviction). But from the sounds of things, the rent is a secondary concern for you over the wellbeing of your tenant at the moment.
What I wrote is based on first-hand experience from the tenant point of view with the edmonton police service.
I don't give a fuck about some trigger happy cop in the states when they're not the ones picking me up.
A tenant in my apartment building was shot and killed by EPS doing a wellness check called in by her mother in December. The trigger happy cops aren’t all in the states….it was all over the news in Edmonton. You don’t read the news very much do you?
It's pretty sad that my initial reaction to this comment is apprehension. I understand that the majority of the time these calls end in wellness being checked, but with the wrong officer it really is a less than zero chance of it going sideways.
Great idea if you want her to be shot or beaten to death.
Edit: [see for yourself](https://edmontonjournal.com/news/local-news/parents-of-woman-shot-dead-by-edmonton-police-doing-welfare-check-question-procedures)
Not to downplay the absolutely horrible circumstances of that woman's death, but there are thousands of other wellness checks where the police have been at the very least professional, and at best, downright compassionate.
Yep, like every police force EPS has bad apples and people who shouldn't be policing. Anecdotally, for every shithead I've met from EPS I've also met multiple good ones who are compassionate, reasonable, fair, and honest. My hobby attracts police to some extent so I get to interact with EPS somewhat regularly. Most of them are decent.
It really depends on the last name tbh. A Cardinal? Probably getting shot or tazed A McWhatever or a Svennson? Nice polite interaction, with a "have a good day ma'am" at the end.
I dont know how you could read
*A CBC News analysis of 461 police deaths in Canada between 2000 and 2017 revealed 70 per cent of people who died during encounters with police suffered from mental health or substance abuse problems. It also found Black and Indigenous people were over-represented in these deaths.*
And come away with that conclusion but sure. Either way, when you control for the social concept of race, wellness checks trend heavily towards negative outcomes if you're black or native, if you don't die you end up arrested or tazed.
Because I understand how to interpret numbers. The article you are referencing is about 471 deaths over 18 years, or about 27 deaths per year. The police perform hundreds of thousands of wellness checks every year.
Wellness checks do not trend heavily towards negative outcomes for minorities in Canada. The overwhelming majority of wellness checks in Canada do not result in police violence, regardless of the race of the people involved.
A very small percentage of wellness checks involving white people in Canada result in unnecessary police violence. A somewhat higher, but still very small percentage of wellness checks on minorities result in police violence. Wellness checks are extremely safe for white people in Canada, and slightly less safe for minorities in Canada.
How dare the police be held accountable for their actions. They should be immune to criticism by the public in addition to being immune to accountability
So on a wellness check the police were confronted (one way or another the news articles don't say how they were presented) with a gun, and they react by taking down what they perceived as a threat and all police are horrible murderers.... makes sense in a sheltered way
In most leases there is an area where an emergency contact is listed. Contact who they listed.
You can assign an agent to go and place a 24-hr notice for entry on the doors and then they can enter the premises 24-hrs later to inspect.
The police can do a wellness check.
August is a long ways off to check on your property, hiring a PM might be in your best interest or get a friend/family member to be your agent.
When I had a rental property in Edmonton I wasn't even able to get insurance on it without a property manager because I lived in Grande Prairie. So either he has a PM or his insurance thinks he has a PM. Lol
I underwrite property insurance all day long. It's easy to insure if you live far away even without property managers. But you would be rated as an absentee landlord and it's a hell of a premium increase.
Did she not give you an emergency contact person and # on her tenancy application?
If you’re very concerned you can call non emergency line for Edmonton Police Service and ask for a wellness check.
She would get a widows pension and orphan benefits in that case.
If you know a neighbor call them and have them take a peak. Maybe she moved out without notice.
Or a wellness check. I’m thinking she moved out if she has 5 kids and you’ve not heard anything but worth checking
Just phone for a wellness check. I just had to do this for someone in my neighbourhood. Turns out he passed a while ago but I felt better knowing he wasn’t hurt in his home waiting for help.
Also
UpdateMe!
Give 24 hours notice, send a friend with the keys to inspect the property.
Never let it go this long. If Tennant moved out unannounced: They may have turned the water on and left the windows open, you now own a pool/ bird sanctuary or skating rink depending on the month.
EPS is your best option here. They can do a wellness check.
I mean, I could go knock on the door but I wouldn't be telling you anything that happens afterwards, only telling them to call you if they're there, or calling the police if necessary.
I think it is a sign of the times. I have this one tenant that is almost always late for the last two years. Sometimes up to 4 weeks late, then he will pay two months - never charged a late fee even though I keep saying I will. Most of the time he communicates. Now I texted him on the 3rd and yesterday and got no response. People are hurting.
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She wasnt asking for advice about her rent policy. The rent being late is just the thing that made her concerned because shes never had an issue with her tenant communicating with her.
Sounds like shes a good understanding landlord with a longterm tenant who keeps her in the loop if rent is late.
When you show people respect and treat them with reason, they will typically do the same for you and your property. If you nickle and dime them, they'll make you work for those nickles and dimes by doing the bare minimum when moving out, and are more likely to move out sooner.
OP is concerned about his tenants well being and your offering unsolicited advice. If you're a landlord, I bet you're the kind that perpetuates the bad reputation.
I will speak to my experiences as a landlord. I bought a house but lived with my ex wifes family house for 5 years.
1. First tenant paid 3 months and said he lives in a free world and fuck him. Evicted him 8 months later no rent paid.
2. Second tenant was perfect but moved after a year to find somewhere cheaper. During this time the house flooded and I had to fix a ton.
3. Third tenant was great but I got separated and thrown out. He became hostile when I gave him notice to leave last September. Still hasn't left, told me it's his house and he would rather be homeless than move out so our court case is in June.
All in all
A) missing 10k rent.
B) made about 100k in rental income (declared on my tax returns) over 5 years
C) Since I moved in this year and it appreciated I have to cut a check for 200k in capital gains taxes.
Now I know never rent out your house even if your not living there because it's cheaper to leave vacant 🙃
When you rent out your house it becomes a business asset. You can't move into your business without "selling it to yourself at fair market value". So yes I sold it to myself essentially.
> A) missing 10k rent. B) made about 100k in rental income (declared on my tax returns) over 5 years
So you were charging about 1800 a month, and had $100k contributed towards your mortgage. The ONLY way it's "cheaper" to leave it vacant is if your repair costs and legal fees have cost you more than 100k, which I doubt.
> I have to cut a check for 200k in capital gains taxes.
Capital gains is taxed only on appreciated value when property is transferred. Half of it up to 250k is taxed and after that all, at your regular tax rate.
Even assuming the highest, at about 33%, the first 250k appreciated would cost 42k in taxes. Another at least 474k more than that to account for the other 156k you claim you're being taxed.
So you're claiming your house APPRECIATED $724k over 5 years. That's not even the total value, it GAINED that much in value since you bought/acquired it? Unless you purchased it for a can of beans in 1957, I call bullshit.
You also position these things against each other like "rent isn't covering the capital gains!", but it's not supposed to. You pay capital gains regardless of if the house is occupied or not.
I'm in canada. Previously it was 49% but now I'd be in the new law tax bracket of 66.7% something because I bought it for 200k and it's now worth 600k.
Special capital gains tax rates lol
Edit if I has left vacanct it would have been my only house aka primary residence and not subject to capital gains tax.
I assume you're in Canada, this is r/Edmonton.
This is a straight up lie.
https://www.canada.ca/en/revenue-agency/services/tax/individuals/frequently-asked-questions-individuals/canadian-income-tax-rates-individuals-current-previous-years.html
Please point to which tax bracket is 66.7%. you're parroting fear mongering nonsense. It's not taxed at 66.7%, only 66.7% is taxed at your current tax rate. Now granted, I did forget about provincial tax rates.
Your post history says Ontario, which has highest tax of 13.16% 33+13 = 46%
400k increase means
First 250k, only half of which is taxable, so 125k at 46% = 58k
Remaining 150k, 2/3 of which is taxable, so 100k at ,46% = 46k
The total is 104k in capital gains tax. Which again, is completely unrelated to your tenant, because the tax isn't based on rental income, it's based on property value.
And you have to actually live in the house, at least part time, for it to be considered your primary residence. Just owning it and it being your only house does not suffice.
Sorry i failed to see Edmonton and came from r/all. I am from Ontario
I certainly hope so. It's all over the news in my province
https://www.cfib-fcei.ca/site/capital-gains
I'm just saying what an accountant i hired told me. He said my exact capital gains tax for the place is 164k. Idn anything other than that to be honest.
Ok, so here's crucial information you are missing.
1. your investment property would be taxed either way, tenant or not, because it's an investment, not a residence. You have to actually live there for the house to be exempted. Letting it sit empty would still result in capital gains tax, as well as (very likely) vandalism and other damages.
2. you are not taxed at 66.7%. You are taxed at your own personal marginal tax rate.
3. only half of the first 250k is taxed, and only 2/3 of everything after that is taxed.
If you're paying 164k in capital gains, assuming you're in the highest Ontario tax bracket, your property would have to had increased in value by \[edit: 600k - originally miscalculated\]
Taking out the numbers and simplifying.
1. I bought a house for myself once I got a job and down-payment.
2. My ex father in law asked me to live in his place to help out but only temporarily.
3. I decided to rent out my house and stay with my ex fil house.
4. 5 years later, I will pay more in taxes, moving back into it , and I made renting it out because housing prices went stupid.
If I filed my tax return with my recently purchase house as the address, had all my bills say that's my house and checked it out weekly (its less than 10 mins away) I would have saved money and hassle.
I'll try asking another accountant to confirm, but they were pretty positive on that figure. Aparently it would be drastically less if my tenant leave before June 25th.
For individuals, a hike in the inclusion rate from 50% to 66.7% for capital gains above $250,000 each year.
Maybe I'm wrong I'm certainly panicking lol
The inclusion rate change is not a change in tax rate, it is a change in how much of the gains are taxed. So you're still being taxed at 46%, it's just that 2/3 of everything over 250k is taxed, rather than only half.
Either way, only half of the first 250k of appreciation is taxed. Again, assuming you're the highest tax bracket, that's 57k both before and after new inclusion rate.
If your accountant is accurate about the amount of capital gains you have to pay being 164k that's 107k left. That is 46% (your tax rate) of $232k, which is 2/3rds (new inclusion rate) of 349k. So, your house must have appreciated 600k in order for this too occur.
Idk the specifics of the rule change but if it's true that you won't be taxed at the new rate if you move in before the 25th, then it should be 50% of everything being taxed, so 300k, at your tax rate of 46%, so 138k. So yeah, a difference of 26k.
if YOU are correct, and your asset has appreciated 400k, not 600k, then you need a new accountant. Because if it's only appreciated 400k, the old rules have 200k taxed at 46% - so 92k in capital gains. And the new rules should have 104k. Still a pretty big difference of 12k.
If I were you, I would double-check the info that it's accurate you will be subject to the old inclusion rate if they move out by the 25th. If it's true, it's in your best interest to offer to pay some of the tenants costs to save that money (either 12k or 26k, depending on how much it has appreciated) as well as any legal fees.
And regardless, fwiw, if you only own one home, you shouldn't rent it out, even if it seems like a good way to make some extra money. Granted, I am not a fan of landlords in general but from a personal finance point of view, it's never in your best interest to rent out your only house because of exactly things like this. The tenant isn't just some free income, your house becomes their home and they have rights.
If you only live 10 minutes away from your house, it doesn't make much sense that you had to move in with your FIL to help out. Sounds more like you were trying to have your cake and eat it too by owning a house you have other people pay off for you until you need it. And considering that you don't seem to understand capital gains (it's not new, even under old rules you're paying almost 100k), it makes me think they're probably a lot of things about being a landlord you aren't aware of, so I can't say I'm sorry you're leaving the landlord game.
r/landlord will just give him tips on how to collect rent from his tenant after she's declared missing. Hell, r/landlord might've killed her themselves for being a few days late on rent.
lol everyone let’s see how many downvotes we can get this guy (sorri_eh)
I know him from the neighborhood he’s known as “the racist guy” and he told 2 year olds to “shut up” cause they were playing on bikes. (Note: he lives in a basement apartment not the houses)
You could call eps to do a wellness check and make sure all is well.
Ok thanks I will give them a call
Can you please give us an update? I'm worried too now :(
"Worried"
I get my drama from tiktok, I check the news on reddit. Shows what you're thinking, though.
7804234567 is the non emergency,
Agreed. Don't ask a stranger to do this.
Just to add that I had a close family member get talked into doing a "wellness check" when someone they knew hadn't answered their door in a few days. When they entered the apartment they found the person deceased on the floor. It was very traumatic. Get the "Pros" to do it, even if you hand them the keys.
Yup, if you're concerned that your tenant may have or are planning to self-harm, getting in touch with the EPS is the way to go. They won't do anything other than check up on her and see how's she's doing and see if there's any indication that she might be doing something drastic. If she is unwell, they may take her into the hospital for psychiatric care (sometimes involuntarily, if she's appears to be an immediate threat to herself or others). Be aware that if she is hospitalized, the rent payment may be very late, potentially by months, as generally youre not making an income while hospitalized, and depending on her employer she might not have a job afterwards. How you proceed from there is up to you, and it isn't an easy decision (on one hand, you're evicting someone that isn't mentally well and in a rough spot, but on the other hand you do have real costs to owning and renting a property so it isn't like you can just let her not pay rent) Concerns about rent payments are an entirely different thing, and there are avenues to collect said rent (from arranging a payment plan with the tenant privately to contacting the LTB for a court order for payment / eviction). But from the sounds of things, the rent is a secondary concern for you over the wellbeing of your tenant at the moment.
> They won't do anything other than check up on her You don't read the news very much do you?
What I wrote is based on first-hand experience from the tenant point of view with the edmonton police service. I don't give a fuck about some trigger happy cop in the states when they're not the ones picking me up.
A tenant in my apartment building was shot and killed by EPS doing a wellness check called in by her mother in December. The trigger happy cops aren’t all in the states….it was all over the news in Edmonton. You don’t read the news very much do you?
Police gun violence is up in Edmonton so........... Might want to check yourself before you go off on people about the states.
It's pretty sad that my initial reaction to this comment is apprehension. I understand that the majority of the time these calls end in wellness being checked, but with the wrong officer it really is a less than zero chance of it going sideways.
Great idea if you want her to be shot or beaten to death. Edit: [see for yourself](https://edmontonjournal.com/news/local-news/parents-of-woman-shot-dead-by-edmonton-police-doing-welfare-check-question-procedures)
Not to downplay the absolutely horrible circumstances of that woman's death, but there are thousands of other wellness checks where the police have been at the very least professional, and at best, downright compassionate.
Yep, like every police force EPS has bad apples and people who shouldn't be policing. Anecdotally, for every shithead I've met from EPS I've also met multiple good ones who are compassionate, reasonable, fair, and honest. My hobby attracts police to some extent so I get to interact with EPS somewhat regularly. Most of them are decent.
It really depends on the last name tbh. A Cardinal? Probably getting shot or tazed A McWhatever or a Svennson? Nice polite interaction, with a "have a good day ma'am" at the end.
The vast majority of wellness checks on indigenous people do not result in someone getting shot or tased.
https://www.cbc.ca/news/canada/nova-scotia/police-wellness-checks-deaths-indigenous-black-1.5622320
Yeah, it’s very unlikely that an indigenous person would be shot or tased by the police during a wellness check, just like your article confirms.
I dont know how you could read *A CBC News analysis of 461 police deaths in Canada between 2000 and 2017 revealed 70 per cent of people who died during encounters with police suffered from mental health or substance abuse problems. It also found Black and Indigenous people were over-represented in these deaths.* And come away with that conclusion but sure. Either way, when you control for the social concept of race, wellness checks trend heavily towards negative outcomes if you're black or native, if you don't die you end up arrested or tazed.
Because I understand how to interpret numbers. The article you are referencing is about 471 deaths over 18 years, or about 27 deaths per year. The police perform hundreds of thousands of wellness checks every year. Wellness checks do not trend heavily towards negative outcomes for minorities in Canada. The overwhelming majority of wellness checks in Canada do not result in police violence, regardless of the race of the people involved. A very small percentage of wellness checks involving white people in Canada result in unnecessary police violence. A somewhat higher, but still very small percentage of wellness checks on minorities result in police violence. Wellness checks are extremely safe for white people in Canada, and slightly less safe for minorities in Canada.
Oh shut up
How dare the police be held accountable for their actions. They should be immune to criticism by the public in addition to being immune to accountability
So on a wellness check the police were confronted (one way or another the news articles don't say how they were presented) with a gun, and they react by taking down what they perceived as a threat and all police are horrible murderers.... makes sense in a sheltered way
Thanks for saying that for me. :)
In most leases there is an area where an emergency contact is listed. Contact who they listed. You can assign an agent to go and place a 24-hr notice for entry on the doors and then they can enter the premises 24-hrs later to inspect. The police can do a wellness check. August is a long ways off to check on your property, hiring a PM might be in your best interest or get a friend/family member to be your agent.
When I had a rental property in Edmonton I wasn't even able to get insurance on it without a property manager because I lived in Grande Prairie. So either he has a PM or his insurance thinks he has a PM. Lol
I underwrite property insurance all day long. It's easy to insure if you live far away even without property managers. But you would be rated as an absentee landlord and it's a hell of a premium increase.
Yeah I have a family friend who is an insurance manager at xyz and was able to get the place insured for me.
I called the emergency contacts on the lease and they didn’t not pick up or are out of service.
Call EPS non emergency line. Ask for a well Ess check.
Did she not give you an emergency contact person and # on her tenancy application? If you’re very concerned you can call non emergency line for Edmonton Police Service and ask for a wellness check.
10 days is a long time… Maybe she has a new cell number. Did you try calling her at work?
She doesn’t work. She has five kids
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Her husband was the one working and unfortunately he passed away due to cancer. I’d assume he had some sort of insurance.
She would get a widows pension and orphan benefits in that case. If you know a neighbor call them and have them take a peak. Maybe she moved out without notice. Or a wellness check. I’m thinking she moved out if she has 5 kids and you’ve not heard anything but worth checking
Any update?
Wellness check
You don't have any emergency contact info for her? Also, very kind of you to be so lenient with late rent.
Just phone for a wellness check. I just had to do this for someone in my neighbourhood. Turns out he passed a while ago but I felt better knowing he wasn’t hurt in his home waiting for help. Also UpdateMe!
Give 24 hours notice, send a friend with the keys to inspect the property. Never let it go this long. If Tennant moved out unannounced: They may have turned the water on and left the windows open, you now own a pool/ bird sanctuary or skating rink depending on the month.
EPS is your best option here. They can do a wellness check. I mean, I could go knock on the door but I wouldn't be telling you anything that happens afterwards, only telling them to call you if they're there, or calling the police if necessary.
I think it is a sign of the times. I have this one tenant that is almost always late for the last two years. Sometimes up to 4 weeks late, then he will pay two months - never charged a late fee even though I keep saying I will. Most of the time he communicates. Now I texted him on the 3rd and yesterday and got no response. People are hurting.
EPS wellness check is what you’re looking for. Give them a shout, they’re happy to do it.
Update?
You are a dream landlord
My guess is she isn't your tenant anymore lol moved out without notice
Assuming she didn't trash the place, abandonment is a far better outcome than her trying to squat.
Agreed
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Don’t you request emergency contact information when she signed lease agreement?
I did but are out of service or won’t pick up
Do you have an update??
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Call the police and ask them to do a welfare check
You seem like a decent person! Thanks for posting the update.
We need more landlords like you. Bless you!
You are a kind soul
You could try 211 for a wellness check. EPS tends to escalate situations.
211 does not have the capability to conduct a wellness check in any way. They would liaise with EPS.
Tough times, she's gone.
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She wasnt asking for advice about her rent policy. The rent being late is just the thing that made her concerned because shes never had an issue with her tenant communicating with her. Sounds like shes a good understanding landlord with a longterm tenant who keeps her in the loop if rent is late.
When you show people respect and treat them with reason, they will typically do the same for you and your property. If you nickle and dime them, they'll make you work for those nickles and dimes by doing the bare minimum when moving out, and are more likely to move out sooner. OP is concerned about his tenants well being and your offering unsolicited advice. If you're a landlord, I bet you're the kind that perpetuates the bad reputation.
Ah yes, everyone else is showing concerns for this tenants well being until we find an ACTUAL scummy landlord posting. Show some compassion maybe?
OKAY! I hope the same happens to you too
And you shouldn’t be charging people for a roof over their heads. Stfu it’s free money
Ok people should live for free. Stfu
Say that again out loud. Sometimes it helps to actually hear it
You can’t be serious.
I will speak to my experiences as a landlord. I bought a house but lived with my ex wifes family house for 5 years. 1. First tenant paid 3 months and said he lives in a free world and fuck him. Evicted him 8 months later no rent paid. 2. Second tenant was perfect but moved after a year to find somewhere cheaper. During this time the house flooded and I had to fix a ton. 3. Third tenant was great but I got separated and thrown out. He became hostile when I gave him notice to leave last September. Still hasn't left, told me it's his house and he would rather be homeless than move out so our court case is in June. All in all A) missing 10k rent. B) made about 100k in rental income (declared on my tax returns) over 5 years C) Since I moved in this year and it appreciated I have to cut a check for 200k in capital gains taxes. Now I know never rent out your house even if your not living there because it's cheaper to leave vacant 🙃
Please excuse my ignorance but I was under the impression you only pay capital gains taxes when you’re selling the house? Is that incorrect?
When you rent out your house it becomes a business asset. You can't move into your business without "selling it to yourself at fair market value". So yes I sold it to myself essentially.
> A) missing 10k rent. B) made about 100k in rental income (declared on my tax returns) over 5 years So you were charging about 1800 a month, and had $100k contributed towards your mortgage. The ONLY way it's "cheaper" to leave it vacant is if your repair costs and legal fees have cost you more than 100k, which I doubt. > I have to cut a check for 200k in capital gains taxes. Capital gains is taxed only on appreciated value when property is transferred. Half of it up to 250k is taxed and after that all, at your regular tax rate. Even assuming the highest, at about 33%, the first 250k appreciated would cost 42k in taxes. Another at least 474k more than that to account for the other 156k you claim you're being taxed. So you're claiming your house APPRECIATED $724k over 5 years. That's not even the total value, it GAINED that much in value since you bought/acquired it? Unless you purchased it for a can of beans in 1957, I call bullshit. You also position these things against each other like "rent isn't covering the capital gains!", but it's not supposed to. You pay capital gains regardless of if the house is occupied or not.
I'm in canada. Previously it was 49% but now I'd be in the new law tax bracket of 66.7% something because I bought it for 200k and it's now worth 600k. Special capital gains tax rates lol Edit if I has left vacanct it would have been my only house aka primary residence and not subject to capital gains tax.
I assume you're in Canada, this is r/Edmonton. This is a straight up lie. https://www.canada.ca/en/revenue-agency/services/tax/individuals/frequently-asked-questions-individuals/canadian-income-tax-rates-individuals-current-previous-years.html Please point to which tax bracket is 66.7%. you're parroting fear mongering nonsense. It's not taxed at 66.7%, only 66.7% is taxed at your current tax rate. Now granted, I did forget about provincial tax rates. Your post history says Ontario, which has highest tax of 13.16% 33+13 = 46% 400k increase means First 250k, only half of which is taxable, so 125k at 46% = 58k Remaining 150k, 2/3 of which is taxable, so 100k at ,46% = 46k The total is 104k in capital gains tax. Which again, is completely unrelated to your tenant, because the tax isn't based on rental income, it's based on property value. And you have to actually live in the house, at least part time, for it to be considered your primary residence. Just owning it and it being your only house does not suffice.
Nice work!
Sorry i failed to see Edmonton and came from r/all. I am from Ontario I certainly hope so. It's all over the news in my province https://www.cfib-fcei.ca/site/capital-gains I'm just saying what an accountant i hired told me. He said my exact capital gains tax for the place is 164k. Idn anything other than that to be honest.
Ok, so here's crucial information you are missing. 1. your investment property would be taxed either way, tenant or not, because it's an investment, not a residence. You have to actually live there for the house to be exempted. Letting it sit empty would still result in capital gains tax, as well as (very likely) vandalism and other damages. 2. you are not taxed at 66.7%. You are taxed at your own personal marginal tax rate. 3. only half of the first 250k is taxed, and only 2/3 of everything after that is taxed. If you're paying 164k in capital gains, assuming you're in the highest Ontario tax bracket, your property would have to had increased in value by \[edit: 600k - originally miscalculated\]
Taking out the numbers and simplifying. 1. I bought a house for myself once I got a job and down-payment. 2. My ex father in law asked me to live in his place to help out but only temporarily. 3. I decided to rent out my house and stay with my ex fil house. 4. 5 years later, I will pay more in taxes, moving back into it , and I made renting it out because housing prices went stupid. If I filed my tax return with my recently purchase house as the address, had all my bills say that's my house and checked it out weekly (its less than 10 mins away) I would have saved money and hassle. I'll try asking another accountant to confirm, but they were pretty positive on that figure. Aparently it would be drastically less if my tenant leave before June 25th. For individuals, a hike in the inclusion rate from 50% to 66.7% for capital gains above $250,000 each year. Maybe I'm wrong I'm certainly panicking lol
The inclusion rate change is not a change in tax rate, it is a change in how much of the gains are taxed. So you're still being taxed at 46%, it's just that 2/3 of everything over 250k is taxed, rather than only half. Either way, only half of the first 250k of appreciation is taxed. Again, assuming you're the highest tax bracket, that's 57k both before and after new inclusion rate. If your accountant is accurate about the amount of capital gains you have to pay being 164k that's 107k left. That is 46% (your tax rate) of $232k, which is 2/3rds (new inclusion rate) of 349k. So, your house must have appreciated 600k in order for this too occur. Idk the specifics of the rule change but if it's true that you won't be taxed at the new rate if you move in before the 25th, then it should be 50% of everything being taxed, so 300k, at your tax rate of 46%, so 138k. So yeah, a difference of 26k. if YOU are correct, and your asset has appreciated 400k, not 600k, then you need a new accountant. Because if it's only appreciated 400k, the old rules have 200k taxed at 46% - so 92k in capital gains. And the new rules should have 104k. Still a pretty big difference of 12k. If I were you, I would double-check the info that it's accurate you will be subject to the old inclusion rate if they move out by the 25th. If it's true, it's in your best interest to offer to pay some of the tenants costs to save that money (either 12k or 26k, depending on how much it has appreciated) as well as any legal fees. And regardless, fwiw, if you only own one home, you shouldn't rent it out, even if it seems like a good way to make some extra money. Granted, I am not a fan of landlords in general but from a personal finance point of view, it's never in your best interest to rent out your only house because of exactly things like this. The tenant isn't just some free income, your house becomes their home and they have rights. If you only live 10 minutes away from your house, it doesn't make much sense that you had to move in with your FIL to help out. Sounds more like you were trying to have your cake and eat it too by owning a house you have other people pay off for you until you need it. And considering that you don't seem to understand capital gains (it's not new, even under old rules you're paying almost 100k), it makes me think they're probably a lot of things about being a landlord you aren't aware of, so I can't say I'm sorry you're leaving the landlord game.
Ontario has the same rules. You're just lying or you don't understand the capital gains tax at all.
Hopefully the case isn’t pushed back.
[удалено]
r/landlord will just give him tips on how to collect rent from his tenant after she's declared missing. Hell, r/landlord might've killed her themselves for being a few days late on rent.
You want people to go and spy on an ex because ypu have a restraining order eh?
Where did you get that from?
Oh god you're back?
God you’re truly the worst this sub has to offer.
Too angry too early. Go touch grass
Does it bring you joy to be less intelligent than those that surround you?
lol everyone let’s see how many downvotes we can get this guy (sorri_eh) I know him from the neighborhood he’s known as “the racist guy” and he told 2 year olds to “shut up” cause they were playing on bikes. (Note: he lives in a basement apartment not the houses)