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what's the impact in the tax imcome calculation if you buy a house in Toronto, Canada?

Oct 28, 2007 by mookey | Posted in Canada

Hi,
I'm relocating to Toronto, Canada from California, US with my wife. If let's say that each of us gets a salary of $80k. Is it better to rent or buy a house? How this can benefit us from the income taxes payment point of view?
Thx

At the income levels you are talking about, you won't get any benefit from either renting or buying. There are provincial tax credits that both renters and owners get, but you won't be eligible as you earn too much. Same goes for GST credits.

CanadianBlondie | Oct 30, 2007

There are a few things worth being explored here
1. You can explore the possibility of claiming moving expenses, if you moved for a job. to see what can be claimed as moving expense go to http://www.cra-arc.gc.ca/tax/individuals /topics/income-tax/return/completing/ded
quicksilver | Oct 28, 2007

Can someone pls explain how my house mortgage payments benefit me in terms of tax credit?

Dec 23, 2009 by Guo C | Posted in Personal Finance

I have recently graduated from a graduate program and got a job offer with approx $100,000 salary before tax. I also plan to purchase a house that will cost me $1,600 + 180 (property tax) + 150 (home insurance) = $1,930 per month.

My question

There is no guarantee that it will "benefit" you. However, mortgage loan interest and property taxes are deductible on your income tax return if you itemize your deductions. For most people in that situation, itemizing deductions results in

rotflol | Dec 23, 2009

Mortgage Payment Calculator - Link in Description

Visit www.videotwitter.net today and learn the insider secrets about mortgages that most buyers don't know! Discover the value of a Mortgage ...

Where Do You Want To Be in Five Years?

12.08.11

A good business decision for you to be a homeowner.   Think about what your personal situation is, and feel free to run some numbers on our Rent V. Buy Calculator on our website http://www.landtitleofamerica.com/ .  Where do you want to be in five years?  Do you want to be at the whim of a landlord, or in control of your payment, your life, and where you live?  

We’ve gotten in the mindset that buying real estate is only for investment, and that if the real estate

Source: St. Augustine Record (blog)

house payment calculation - Bookshelf


Log Home Design
184 pages 		Log Home Design

2001-05
"The debt payment will include the house payment, including PITI, ... He continues, "When this calculation is made, the buyer must choose the lower of the ...
How to Succeed and Make Money with Your First Rental House
230 pages 		How to Succeed and Make Money with Your First Rental House

Creator: Douglas A. Keipper, Sean M. Lyden | Business & Economics - 2003-12-08
The calculation for that monthly payment goes like this: $5000 ... I choose interest only because I planned on having the rental house pay it off. ...
Publisher: John Wiley & Sons Inc
The Personal Finance Calculator, How to Calculate the Most Important Financial Decisions in Your Life
224 pages 		The Personal Finance Calculator, How to Calculate the Most Important Financial Decisions in Your Life

Creator: Esme Faerber | Business & Economics - 2003-03-11
FINANCIAL CALCULATOR #18 How Much of a Mortgage Can You Afford? ... such as if you have enough cash for a down payment on a house and closing costs at ...
Publisher: McGraw-Hill Companies

Everything Finance » Blog Archive » Home loan Loan Payment Calculator

Acquiring a home is actually a enormous undertaking. It is, little doubt, going to be the biggest expense of the life and one of the most nerve wracking purchases that you will at any time make. We are talking about a incredibly huge sum of money and one incorrect action could spell catastrophe and the loss of loads of your funds or even the reduction of the property. For anyone who is prepared to undertake this kind of responsibility completely in your very own, then good luck to you. Most of us feel more comfy getting some assist in figuring out what kind of mortgage and financial support we needs to be asking for. One product that could assist us to get began and comprehend the financial implications of the different loans accessible is really a house loan loan payment calculator.

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house payment calculation - News


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Where Do You Want To Be in Five Years?
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Furthermore, if you own a home, you know what your fixed monthly payment is going to be from now until it's free and clear. What do you think you'd pay in rent for that same house ten years from now? You're mortgage payment isn't going to go up as

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