blueblood Posted August 5, 2015 Report Share Posted August 5, 2015 Of course rent goes up.... what kind of hogwash is that? Landlords make a PROFIT.... hence, their taxes are more than covered by rental income. THEY STILL PAY TAX!!!!! Quote Link to comment Share on other sites More sharing options...
msj Posted August 5, 2015 Report Share Posted August 5, 2015 Why should a landlord get a tax break for keeping up his place that he makes an income from? I know lots of people who do landscaping in their rentals. Or they fix things themselves just because they can, they're fairly minor and they don't want to bother with the landlord. No tax breaks for them though... The landlord gets to deduct repairs, maintenance and landscaping costs related to a rental property against the income of the property. If expenses exceed the revenue then the landlord can deduct the net loss against other sources of income. Deduction of CCA (building depreciation) is not allowed when there is an operating loss. It is in this way that stupid people think they are getting rich by owning a rental property and receiving a tax refund each year because they are losing money. Quote Link to comment Share on other sites More sharing options...
blueblood Posted August 5, 2015 Report Share Posted August 5, 2015 That's very naive... 1.5 billion dollars per year are now gone from tax revenue. It has to be made up from someone else. Or services cut elsewhere. As for tax cuts being beneficial whether across the board or targetted, lets look at these comeback kids: http://www.theguardian.com/world/2015/jul/30/irish-economy-grows-strongly-return-pre-crisis-levels Quote Link to comment Share on other sites More sharing options...
Hal 9000 Posted August 5, 2015 Report Share Posted August 5, 2015 If a landlord has 10 tenants one year, but only 5 the next, his tax bill is the same. He can't go to city hall and insist that he had half the renters and should pay half the tax - sorry, he is stuck with it. And if you don't pay rent, the gov't isn't banging on Mr. Squids door looking for money, nor does he get repo'd or garnished. Why? because Mr.Squid is not responsible for paying that tax bill, Mr Landlord is. The landlord has a business that he pays taxes on, you are simply a client...or customer. Quote Link to comment Share on other sites More sharing options...
msj Posted August 5, 2015 Report Share Posted August 5, 2015 If a landlord has 10 tenants one year, but only 5 the next, his tax bill is the same. He can't go to city hall and insist that he had half the renters and should pay half the tax - sorry, he is stuck with it. And if you don't pay rent, the gov't isn't banging on Mr. Squids door looking for money, nor does he get repo'd or garnished. Why? because Mr.Squid is not responsible for paying that tax bill, Mr Landlord is. The landlord has a business that he pays taxes on, you are simply a client...or customer. You are talking about property taxes rather than income taxes. I have clients who own lots of rental properties and who some years make lots of money and pay lots of income taxes. In other years they lose lots of money and get refunds (since they have employment income and tax withheld) since some units were vacant and they use it as an opportunity to do lots of R&M. Imo they would have an easier time if they bought a REIT fund like XRE but the leverage that real estate allows one to use is a tremendous advantage so .... Quote Link to comment Share on other sites More sharing options...
cybercoma Posted August 5, 2015 Report Share Posted August 5, 2015 That's very naive... 1.5 billion dollars per year are now gone from tax revenue. It has to be made up from someone else. Or services cut elsewhere.Or, you know, they could do nothing and Harper could turn Canada into Greece. Quote Link to comment Share on other sites More sharing options...
-1=e^ipi Posted August 5, 2015 Report Share Posted August 5, 2015 This is what the Conservative party has always done. I don't find it surprising at all. Yep. They probably hired some people to look at different targeted tax credits and figured that this would buy them the most votes. Quote Link to comment Share on other sites More sharing options...
Smallc Posted August 5, 2015 Report Share Posted August 5, 2015 It's not a drop in the bucket. 1.5 billion per year brings Canada well into deficit once again. That's why it's not being implemented for 2 years. Quote Link to comment Share on other sites More sharing options...
cybercoma Posted August 5, 2015 Report Share Posted August 5, 2015 That's why it's not being implemented for 2 years.Oh he said two years did he? I thought it was some vague "when the economy recovers and after the election" statement. Quote Link to comment Share on other sites More sharing options...
cybercoma Posted August 5, 2015 Report Share Posted August 5, 2015 Oh sorry, that was for the apprentice vote-buying nonsense. Quote Link to comment Share on other sites More sharing options...
On Guard for Thee Posted August 5, 2015 Report Share Posted August 5, 2015 That's why it's not being implemented for 2 years. And that's why it's a vote buy and will not help the economy out of it's current recession. Quote Link to comment Share on other sites More sharing options...
Smallc Posted August 5, 2015 Report Share Posted August 5, 2015 And that's why it's a vote buy and will not help the economy out of it's current recession. The recession is almost certainly already over. Quote Link to comment Share on other sites More sharing options...
PrimeNumber Posted August 5, 2015 Report Share Posted August 5, 2015 The recession is almost certainly already over. Then why would they wait 2 years to role out their home owner renovation welfare cheques... to go along with their children welfare cheques. All this does is make homes more expensive, upping value and feeding into the housing bubble even more. Terrible idea. It was stupid when the liberals attempted to bring it in and it's still stupid now. How about we stop giving away welfare...I mean tax credits that always benefit people like Harper. Quote Link to comment Share on other sites More sharing options...
Smallc Posted August 5, 2015 Report Share Posted August 5, 2015 Then why would they wait 2 years to role out their home owner renovation welfare cheques Because their internal polling says it would be a popular policy. Why else? How about we stop giving away welfare...I mean tax credits that always benefit people like Harper. You mean people that actually pay taxes? Quote Link to comment Share on other sites More sharing options...
PrimeNumber Posted August 5, 2015 Report Share Posted August 5, 2015 Because their internal polling says it would be a popular policy. Why else? You mean people that actually pay taxes? No, I pay taxes on money I make 6 days a week. Have no children and receive no government welfare for not having any. Why should people that have children get any of the money I pay into the system to keep it going? Quote Link to comment Share on other sites More sharing options...
Smallc Posted August 5, 2015 Report Share Posted August 5, 2015 No, I pay taxes on money I make 6 days a week. Have no children and receive no government welfare for not having any. Why should people that have children get any of the money I pay into the system to keep it going? What does that have to do with houses? Seriously though, families generally need the most money - I don't have children either and I can see that. Quote Link to comment Share on other sites More sharing options...
PrimeNumber Posted August 5, 2015 Report Share Posted August 5, 2015 What does that have to do with houses? Seriously though, families generally need the most money - I don't have children either and I can see that. Then they can go work for it like the rest of us. I chose not to have children in my 20's to save up for having them later in life. Why should I have to pay because they didn't do the same thing? Why should non-home owners pay for home-owners renovations? Making home-owners houses worth more money. How does this make any sense to anyone. Welfare is meant to help people that need it. Quote Link to comment Share on other sites More sharing options...
Smallc Posted August 5, 2015 Report Share Posted August 5, 2015 This is what happens when you have populist parties like the NDP and Conservatives jockeying for position. I don't like it either, but I do understand it. Quote Link to comment Share on other sites More sharing options...
On Guard for Thee Posted August 5, 2015 Report Share Posted August 5, 2015 The recession is almost certainly already over. And what do you see as the thing that is about to lift us out of it? Quote Link to comment Share on other sites More sharing options...
Smallc Posted August 5, 2015 Report Share Posted August 5, 2015 And what do you see as the thing that is about to lift us out of it? The same thing that every other forecast sees - a strengthening US economy resulting in service sector and export gains in non commodity areas. Quote Link to comment Share on other sites More sharing options...
blueblood Posted August 5, 2015 Report Share Posted August 5, 2015 Then they can go work for it like the rest of us. I chose not to have children in my 20's to save up for having them later in life. Why should I have to pay because they didn't do the same thing? Why should non-home owners pay for home-owners renovations? Making home-owners houses worth more money. How does this make any sense to anyone. Welfare is meant to help people that need it. Ugh Non homeowners are not paying anything. Its a tax break to the homeowners who pay a lot of taxes. Dont worry your taxes arent going up Quote Link to comment Share on other sites More sharing options...
Hal 9000 Posted August 5, 2015 Report Share Posted August 5, 2015 FYI, when I said "drop in the bucket", I meant for for the individual homeowners, not the entire investment. The tax break for the homeowners would be a drop in the bucket - I hope this clears things up a little. Quote Link to comment Share on other sites More sharing options...
blueblood Posted August 5, 2015 Report Share Posted August 5, 2015 The recession is almost certainly already over. Im certain we are in recession, but for harpers sake the number crunchers better have their reports ready to go before october 19. If it shows canada got out of a technical recession, the cake is baked for a majority cpc win imo Quote Link to comment Share on other sites More sharing options...
PrimeNumber Posted August 5, 2015 Report Share Posted August 5, 2015 Ugh Non homeowners are not paying anything. Its a tax break to the homeowners who pay a lot of taxes. Dont worry your taxes arent going up You do know that tax breaks theoretically come out of everyone's taxes? I am a home owner, I don't agree with this. Tax breaks are a form of welfare. Quote Link to comment Share on other sites More sharing options...
Smallc Posted August 5, 2015 Report Share Posted August 5, 2015 Im certain we are in recession I doubt it extends into this month. July may be a negative month (not sure), but August almost certainly won't. Quote Link to comment Share on other sites More sharing options...
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