Canadian Loop

[Lucy]

anyone in Canada have heard of ways to save tax and have a retirement income on the side while investing in commerical retails?

 

[kumquat]

No, are you planning to sell us one?

 

[Lucy]

?

why do you say that? I am merely just asking anyone that knows?

 

[Lucy]

Ok, does anyone know how to save tax and get a second income in any way?

 

[Red_y]

Do you own your own home? Rent out a portion of it. Items that are not deductible on your tax return normally, like home owner's insurance and mortgage interest, become tax deductible on a pro-rated basis (according to the percentage of your house you have rented out).

I do taxes seasonally for H&R Block...most of my clients in this situation lose money on paper on the rental, lowering their overall income, even though they cash a check from the tenant every month.