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My question is: Canadian-specific
QUESTION: My husband and I are buying a condo for rental purposes. Whose name should it be in? I don't work and he has a high income. We are hoping to use it against his income.
Thank You
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david ingram replies:
If it loses money on an annual basis, it would be better in his name in the short term. However, if it starts making money and does sell for a profit, you will be paying higher tax. You also have to worry about the attribution rules which say that it does not matter whose name a property is in when it involves a husband and wife, it depends upon who paid for the property (section 74.1).
Before you buy, you should consider making your mortgage deductible. try reading my November 2001 newsletter (may be 5 or 6 times). It has several methods you can use to make your mortgage deductible including using rents from a condo. Goto www.centa.com and find the newsletter section. READ November 2001.
In addition, if you happen to live in the lower mainland, we will be giving a free seminar (limited to 16 people) at 1764 West Seventh in Vancouver at 7 PM on Thursday, April 22.
Call (604) 731-8900 to register.
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Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at
www.600AM.com
Local phone calls to (604) 280-0600 - There is a provincial long distance line as well and old shows are archived at the site.
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Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
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