Real Estate Insider: July 2023 - Lalovich Real Estate Skip to Main Content

Real Estate Insider: July 2023

Posted on July 21st 2023 by Lalovich

Were in full summer mode, Real Estate Insiders! This month, we explore keeping family cottages in the family, planning for your child’s future, splitting your income LEGALLY for tax savings, plus much more. As always, send us your questions and comments—let’s dive on it!

Money Can’t Buy Happiness—But It Can Buy A Jet Ski

You’ve never seen a sad person on a jet ski, right? The original paper concluding that happiness doesn’t increase with money upon earning more than $75,000 has been challenged ever since it was published. This article breaks down happiness into three subsections—and the results are fascinating! Read more about the correlation between money and happiness here.

R-E-S-P (ECT), Find Out What It Means To Me (And You)

Not all Registered Education Savings Plans are created equal. Depending on your situation there may be one that’s perfect for you and your child! Read here to make sure you’re taking full advantage of these government assisted education plans.

Read: A Tale Of Four RESPs

Principal Residence Exemption: Just Because You Can, Doesn’t Mean You Should

Did you know you can claim the principal residence exemption on a home you bought your child? This may save you some money in the short term, but can have much larger tax implications in the long run when you go to sell your own home. Read more here so you know all the facts!

GTA’s Impending Office Supply Oversupply: Is The Solution Obvious?

This blogger is calling for government action to allow for planning flexibility to convert obsolete office space to residential. Read more here!

Dodge The CRA The Legal Way

This article explains the steps necessary to avoid being audited by the CRA, because honestly, who has the time for that? 

Is It Time To De-Code The American Building System?

It’s not cryptic, just excessive! At least compared to Europe, North American building codes require larger spaces for fewer bedrooms, making family sized apartments seemingly unaffordable to buy and unfeasible to build. Read more about the differences in building codes here!

Read: Why We Can’t Build Family-Sized Apartments In North America

Multigenerational Home Renovation Tax Credit: Stuff You Should Know!

You could be eligible for up to $7,500 to renovate a space for your parents, grandparents, or other qualifying relatives—read here!

Rental Write-Offs: Make Sure It’s Current, Not Capital

There’s a fine line between these expenses when it comes to write-offs for rental properties. Learn the difference and about other potential write-offs here!

Too Many Houses To Build, Not Enough Builders

A Canadian economist warns that a shortage of skilled construction workers could lead to an even longer road to housing affordability. Read more about the many factors leading to this shortage here.

The Status Certificate Mishap The Nearly Cost A Buyer $34,000

Inaccurate info on a status certificate led to a buyer getting handed a $34,000 special assessment. Find out how he fought it and won!

You Get What You Pay For: Real Estate Edition

A Realtor was sued for negligence after opinion of value seemed to come up short. The judge, however, recognized that a $300 opinion of value is much different than a $3000 appraisal. Read more here!

Better Investment Help Starts Here!

This investor answers the age old questions of where and how to start investing smarter. Discover if you qualify for an investment portfolio upgrade!

Read: Can You Help Me With My Investments?

Income Splitting: The Tax That Could Save You Thousands

This court case revealed the tax hack known as “Income Splitting” where high income earners split their income with their spouse to lower their tax bracket. It is legit—but only when done correctly.

How To Keep The Family Cottage In The Family

This guide helps navigate the family cottage, from having open and honest discussions, to succession plans, the capital gains implications, and more.

Leveraging Your Home To Buy Bitcoin: Not As Crazy As It Sounds

Michael Saylor, aka “The Prodigal Son of Bitcoin”, thinks the only way to save the middle class from the destruction of the dollar is to invest in Apex Assets. Read more about him and why he thinks Bitcoin is the way.

Read: It’s Probably “Wise” Remortgaging Your House To Buy Bitcoin