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Coach
Is now a good time to buy VTI?
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What happens at RIMS? Is it worth going to?
Rising Star
Hi DI folks, how were the hikes last year??
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The king 👑
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It sucks. Not sure where our taxes are going either
True.
Not sure about Canada but in the US, owning property (real estate) can bring down those taxes… been trying to buy a house for that purpose but Los Angeles home prices are making it impossible.
Seriously!!? I was fortunate enough to purchase a house in LA, only with the help of family loans and having to start paying the mortgage has made me really stressed about money even tho I make a great salary....
I hear yah, but at least you get some sort of healthcare.
In the US, we just get taxed. And taxed. And taxed. My partner and I make enough so that we don't qualify for any breaks, so simultaneously too rich and too poor. 🫤
Our house was reassessed for property tax $100,000 more than what we paid for it. Simply because of the market; because we certainly didn't put that much money into it. And you bet your first born that they're not going to reassess when the market collapses.
I know it’s a pain but you can request a re- assessment if the value drops. I did that last year when we bought a fixer upper for less than the tax assessor had it listed as and they came to the property, assessed the value and dropped our taxes. I do wonder when we will see the value raise because we’ve put money into it now.
I cry every time I see half of my salary going to taxes and half of it going to groceries here in Canada lol
So true. Everything has become so expensive. I just dont know even being at decent figure on paper. I still myself sticking to budget.
It got to the point where I couldn’t open my check at work because I would cry.
Max your RRSP, and if you didn't buy a house yet, max your FHSA.
Not sure about Canada. Here is the U.S. I watched a podcast with two CPA’s who said to have a side business started as an LLC if it bringing in at least half the salary. Your expenses at work with your paycheck can be used to write off in your business. Since your job is your primary source of income & will balance out you receiving a return. Maybe speak to your CPA about it. It’s like over 1k in tax deductions.
I don’t look at my paystub regularly. Why add the stress of things you mostly cannot change/control?
Exactly
Coach
I am in the US but my husband and I combined are in the top 2% of earners. Even with an excellent accountant it is painful.