Chris Fournier

@CFIB Any idea when this strike will be over? Customer let me know their payment chq ready for pickup. Courier cost looks to be average $45 fee.

Attention couriers and shippers: if you still have some capacity before Christmas, please let @cfib members know and I'll re-post on X.

@ShaunRickard67 @TD_Canada Yes, experienced this a few weeks ago.

So get this, yesterday my @TD_Canada Bank Manager suggested that I ask my customers to pay in cash to avoid having 5 business day holds put on bank drafts or certified cheques that I receive as final payment from my clients. Apparently Bank drafts & certified cheques are now useless and will be treated like personal cheques by all major Canadian banks and 'Cash is king' once again. I went to my TD bank branch in Pickering, Ontario yesterday to deposit a $22K final payment for an exterior renovation project that my company had just completed. As always, I specifically asked my customer to provide a bank draft as it's been a slow year due to the economy and I needed the funds to clear quickly so I could pay my guys. I even asked the homeowner to leave the receipt portion attached to the draft as my bank had previously instructed me to do so to prove that the draft wasn't fraudulent. Despite this, the cashier, after speaking to his Manager, informed me that due to the amount of fraud out there now, they will need to place a 5 business day hold on the @cibc bank draft to ensure that it's authentic. I wasn't happy, I had my crew and suppliers to pay, so I questioned the manager as to why banks are still issuing these types of payments and charging between $10 to $25 for these services, while knowing full well they are now essentially useless, I received no response. I then sarcastically suggested that perhaps I should ask my clients to pay in cash from now on, no matter how large the dollar amount, her response, "yes, that would work and will prevent any holds being placed on your funds". Just a heads up for anyone out there who plans on purchasing or receiving any of these forms of payment in the future. Has anyone else experienced this at a major Canadian bank?

@TheTaxHeroes Current cap gain on rental, if sold, is under 250K. I understand the change in use is considered disposition, deferred till actually sell in future. Will get an appraisal in coming days.

@Fournier2022 So you had a rental property and you changed it to a home you’re living in?

Some takeaways from my initial reading of the draft legislation of the capital gain tax changes. 1) There is no new election where you will be able to trigger a capital gain before June 25 without disposing of your property. You will need to dispose something/use other tax elections to do this. 2) There is no indication that corporations/trusts will get the $250k threshold. All their gains after June 25 will still be a 67% inclusion rate. But Qualified Disability Trust and Graduated Rate Estate will get the $250k threshold. 3) Partnerships and trusts have new reporting rules and will indicate and adjust capital gains before June 25 and after. This addresses an issue where ppl were concerned anything they allocate after June 25 will be deemed to occur after June 25 even if the partnership/trust realized the gain before June 25. 4) If an individual sells something and gets the proceeds over a number of years, the capital gain reserve can be used to spread the capital gain over several years and use their $250k threshold each year. This addresses an issue based on the wording of the legislation for the capital gain reserve. 5) If a non-resident sells Canadian real estate, withholding by the buyer will increase from 25% and 35% unless the appropriate certificate is filed. This doesn’t apply until 2025. There’s a funny situation here where withholding will be 25% but tax might be more if sold after June 25 but before 2025. 6) If you have an ABIL (which is a type of business loss), you get to use it at the 67% inclusion rate vs splitting it between a 50% and 67%. An ABIL can be used to offset regular income. 7) The $250k threshold will not be indexed. So unless something/legislation changes, the $250k will remain each year and never increase to adjust for inflation. I can’t confirm the accuracy, just took a general reading and might have missed things. Don’t rely on any of this. A lot of other changes for very specific situations. Reminder that this is the draft legislation. Things may still change.

@TheTaxHeroes Yes, in process of selling current primary, downsize to the rental.

@proudestcdnever @Erika0176730544 @danielfoch Eviction for family use denied, ruled in favor of tenants, a family of 6, as better use of space, than owners daughter/boyfriend, family of 2 cited along with other reasons. x.com/CBCNS/status/1…

@Erika0176730544 @danielfoch No boomer. It’s real. The government will be coming for your empty bedrooms. It’s beyond my control.

@camspinney @MPelletierCIO is this basic scenario on Rental House sale after June correct: (i know there will CCA calc etc) PP: 289,000 SP: 599,900 Gain: 310,000 first 250K 50% & 60K 66% taxed $164,600.00 ?

@MPelletierCIO This is wrong in multiple ways. The current capital gains inclusion rate is 50%. It’s still 50% for the first $250k. Above $250k it increases to 2/3. Still doesn’t apply to gains in your RRSP, TFSAs, primary residence, RESPs Cap gains from selling a business also different.

Trudeau jacks up capital gains tax! Increased inclusion rate from 1/3 to 2/3rds. Effective June 25, 2024. No wealth tax, no windfall tax on oil companies etc.

@SamGrant0311 @Martyupnorth_2 On 100k

@Martyupnorth_2 1% of 25000 is now 1000?

Just some quick, back-of-the-envelope math. If you' are a typical Canadian family you earn $100,000/year. You pay $25,000 in taxes, and about $10,000 in groceries. Jagmeet wants Loblaws to reduce its profit margin to ZERO so you can save more on the cost of groceries. If you spent all your grocery money at Loblaws, that might save you $400 - $800 per year. If Jagmeet asked Trudeau to reduced your taxes by just 1%, that would save you $1,000.

@sisuvanhell Oh wow!

@The_Narrative2 @KahlonRav @Dave_Eby Exempt

@KahlonRav @Dave_Eby What if someone bought a house and then had to move? Are you going to tax people for that? You say, "flipping tax for any home sold within two years of purchase." So that includes separating couples, people who have to move for work or who can't afford the mortgage. 🤔

Homes are for people not speculators, which is why we’re introducing a flipping tax for any home sold within two years of purchase - because families shouldn’t have to compete with house-flipping investors when they’re trying to buy a home. 🏡 👉🏾 news.gov.bc.ca/30363

@jesse_kleine When is the earliest one could build on a 708 sq mt. Lot? Dec 2025 or June 2024?

Timeline for the new province-wide zoning

@DevaniAlkarim Really like your builds! How do I contact you?

Originally 3 single family homes = 28 new homes with 14 3 bedroom units! I love the way the kitchen turned out, and to no surprise, we have a waitlist building for the first ten units set to deliver on Sep 1/23.

@ServiceCanada_E @BillBarteau Is there a time frame when it will be resolved? thanks

@BillBarteau Hi Bill. The e-link between My Service Canada Account and the CRA My Account is unavailable at this time. In the meantime, please access the system using another sign-in method: ow.ly/8uQz50BeRXE. We are working on resolving the issue. Thank you for your patience.

@ServiceCanada_E Is access to My Service Canada through My CRA still available?

@jesse_kleine Prices in New Westminster are lifting off. It's shocking!

@switzer_rr @JhajjGursimran @danielfoch @SteveSaretsky Hard assets being RE?

@JhajjGursimran @danielfoch @SteveSaretsky Yup, turns out hard assets will be the winner in the end as always. The ultimate mandate of a central banks is keeping the system alive, superseding employment and inflation.

More bps financialpost.com/news/economy/j…

@jesse_kleine I would list to downsize but daughters wedding at our property in Aug. May list in late 2023 or early 2024, depending on what the market looks like. Can sit here for a number of years.

Usually March is absolute PRIME listing time So far in March: 558 new listings. Vs 550 this far into February. I'm honestly shocked. Owners of real estate in Vancouver are just saying NOPE. Realtors are going extinct from lack of attention, from both buyers and sellers.

@jesse_kleine Sell high, buy low

Do you benefit from real estate prices increasing, or crashing? Trying to get a sense of how many people on here are biased to be bearish.

@canadapostcorp CP branch working "old fashioned banking hours" 10 - 2 only What is going on? And of course they are never open Saturdays.

There is no regular collection or delivery of mail on December 26, December 27 & January 2. Our post offices will be closed; those in franchise locations may be open according to the host business’s hours of service. Learn more: ow.ly/2Wui50M9Jw6

@DianneWatts4BC Check the readings. If they are Est. this could be why - it happens on my account frequently & am overcharged for the period, they just did again. overcharged by 250 due to wrong meter read#.

Unreal ! My Fortis Bill has doubled this month - for the same usage that used to cost me $270.76 AND an $85.72 charge for CARBON TAX !