Ask a cross-border International real estate rental mutual funds immigration
non-resident income tax expert - David Ingram 's CE-NTA Services in North
Vancouver BC Canada on It's Your Money CKBD AM600 Fred Snyder's Radio Show
QUESTION:
Dear David:
I am a realtor locally and about to buy a car for that purpose. Is it
better for me to pay cash outright, leasing it and write off leasing cost,
or take out a bank loan on this car purchase. Please advise.
Thanks
=================
david ingram replies:
I have never seen a case where a person was truly better off financially to
lease. They may have been better off mentally because of a false sense of
security or they may have been better off temporarily because of a cash flow
situation, but they are NEVER better off at the end of the lease.
You are also usually better off arranging the best cash price you can. If
you have a non-deductible mortgage on your house, though, you should take
the cash and pay down part of the mortgage and then borrow money back on the
house to buy the car cash. You will get a big discount on the car and that
portion of the mortgage be deductible. If you keep on doing this by taking
cash and paying down the mortgage and borrowing money to pay your
advertising, desk fees and other expenses, you can make the whole mortgage
deductible very quickly.
Go to www.centa.com and read the November 2001 newsletter about mortgage
interest as a deduction for more information.
Get hold of Phil Edmonton's Book LemonAid for information about buying a
car.
This is true in Canada, the US, New Zealand and Australia.
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 Dundee Wealth
Management and I, David Ingram 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 <http://www.600am.com/>
Local calls are taken at (604) 280-0600 and Long Distance calls are taken at
1( 866) 778-0600
I do not know how far the LD line reaches.
=========================================
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FINTRAC E677 E667 4789 4790 TDF-90 Reporting $10,000 cross border
transactions
=========================
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Res (604) 980-3578 Cell (604) 657-8451
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Email to taxman at centa.com <mailto:taxman at centa.com>
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Disclaimer: This question has been answered without detailed information or
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