My question is: Canadian-specific
QUESTION: I am debating whether to buy a condo for an investment and rent it
out instead of contributing $500.00 per month to an RRsp I was going to buy
a condo for $100,000 and use it as a business with expenses and write offs
and claim it on my personal income tax at the end of the year and also have
the place rented out for $650.00 per month. My mtg would be about $700. per
month and My question is::: as a 10 year plan would I be better off doing
this than buying RRSP for the next 10 years as I can have tax write off's as
well as probable better gains over 10 years with the condo than a safe RRSP
??I currently work making about $80,000 per year and have about $100,000
already in RRSP and am 40 yr old.
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david ingram replies:
In my experience, the rental condo would be a better investment over a ten
year period. There is much more time and effort involved but it returns the
larger and surer investment.
Do the math on a spread sheet at different inflation and interest rates.
Remember that both items are at historical highs at the moment so they will
both likely have a short term fall in the interim.
If you are in the Vancouver area, you might want to take in some of Fred
Snyder's Free seminars. this is also a good question for the radio program
this Sunday at 9 AM.
-------------------------------
Answers to this and other similar questions can be obtained free on Air by
david ingram on the last Sunday of each month.
On the last Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram will be
a guest on Fred Snyder of Dundee Wealth Managers' LIVE talk show called "ITS
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Those outside of the Lower Mainland will be able to listen on the internet
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Call (604) 280-0600 to have your question answered. BC listeners can also
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Callers to the show and questioners on this board can also attend the
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Interest deductible.
I will be at the seminar following the last Sunday of the month.
------------------------------
Every Thursday Evening, Fred Snyder of Dundee Wealth Management conducts
one of 17 different financial seminars in the boardroom of his office
Time: 7:00 to 9:30 PM
Date: Every Thursday evening
Place 1764 West Seventh
Vancouver (corner of Burrard)
Phone (604) 731-8900 to register
No cost - no obligation
Topics always cover mortgage interest as a deduction
other topics - getting the mortgage, estate planning, critical care
insurance, income taxation, differences between stocks and bonds, and
usually the most innovative HELOC mortgage offered in Canada from Manulife
Bank
If you are starting in downtown Vancouver and do not want to go home first,
one of the excellent THAI HOUSE restaurants is in the same building and
makes a nice start to the evening. If it is your first seminar, Fred will
buy you dinner if you are pre-registered.
I, david ingram, will be at the Thursday evening following the last Sunday
of each month to cover mortgage interest as a deduction and give the class
an adding test.
--------------
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