Dear Ross, I am bullish on the long term prospects of Canadian real estate – especially in the Greater Toronto Area, where I live. I am already a homeowner, and our mortgage balance is only $102,000. Now we want to buy a second property, rent it out, and watch our equity grow over the years, …
Category: Tax Information
CRA debt and too much unsecured credit
Dear Ross, I make really good money running my own business, but the recession hit us hard, and we cannot seem to dig our way out of the debt we accumulated from 2008 to 2010. I owe Revenue Canada over $60,000 in back taxes, and we have over $120,000 in unsecured debt. Good thing is …
Are RRSP’s overstated
Hi Ross: My 18yr old goes into CIBC in Victoria requesting an RRSP account to deposit $50/month Bank says “No, you should get a TFSA” Kid leaves confused because Mom taught her to get RRSP @ 18 but the bank says Mom is wrong. Now what do I tell her? Thanks, Mandy. From Ross: Mum …
$2.8 million investment property
Two weeks ago I received an excited phone call from James, a forty something family doctor living in Richmond Hill with his wife, an ER nurse at a local hospital. They had discovered a beautiful 7,900 square foot house in Vaughan, not long reduced in price from $3.5 million to $2.8 million. James and Rachel …
Turn RRSP contribution room into dollars
This is really simple – and is best used only by someone who has a husky taxable income in 2011, and expects a radically lower income in 2012. All you do is make a very large contribution before February 29, 2012; generate the associated refund when you file your taxes; and then withdraw the same …






