Jason Pereira
@jasonpereira
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Partner & Financial Planner @woodgatefi , Ex.Pres. @fpacanada , Director @advancedplanner , fintech expert, writer, podcaster, speaker, lecturer, etc. 🇨🇦🇵🇹
Toronto, Ontario
Joined April 2008
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My wife assigned her students a Star Wars project on May 4th.
She used Grogu (aka: Baby Yoda) as an example.
The class corrected her saying he didn’t count because he was in the Madalorian, not Star Wars.
Me from the next room: IT’S CANNON!!!!!
Kids these days 🙄
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Does anyone else hear realtors screaming?
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In Toronto it use to be you could tell how much someone made based on the size of their house.
Now, it’s more of an indicator of how long ago they bought their house.
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The 40k tax-free First Home Savings Account.
There is so much wrong with this concept it requires its own thread. 🧵 👇
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The saddest thing I see on LinkedIn is peoples bios saying they went to Harvard when all the did was take a single executive education course.
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Only 2 chapters in and I am already losing count of how many people should be in jail.
@scoopercooper
🤯
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The propaganda against open bidding on real estate in Ontario is just astonishing to see.
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Seeing too many people trapped in pre-cons whos market value is below the purchase price.
Most were planning to flip on assignment and now have to close, and it's causing all kinds of issues.
Who would have thought the agents that promised you a big return on these, who made a
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Has any nation ever solved their inflation problem by throwing money at it? Asking for a country.
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Toronto: where baseball is apparently banned
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Who would have thought an anti-capitalist cafe that let people pay what they wanted wouldn’t be a viable business.
I mean, except for ever economist ever 🤷♂️
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Imagine having the 5th longest run and winning the 6th largest amount in Jeopardy history and not winning enough to buy the average Toronto home.
It took one month, 23 games and $720,000 in Canadian dollars in winnings for Mattea Roach's incredible Jeopardy! streak to come to an end.
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What is wrong with Canada? I’m watching basketball and 2/3rds of all commercials are financial services. It’s like we do nothing else here.
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Canadian tax myth
#42
Dividends from Canadian corporations are tax preferential (ie: you pay less tax than income on them).
When you take a step back and look at the full picture, they aren’t. 👇
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PSA: Toronto is not NYC.
Real Estate bulls who keep suggesting that we are or will be need to get a grip.
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Every time I have to use the SEDAR database (the Canadian version of the EDGAR database I remember what the dawn of the internet looked like...
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My greatest fear is that Jim Cramer will wish me a long and healthy life.
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Feds: Nice cottage and/or small business you have there. It would be a shame if we decided to tax it more after June of 2024.
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4am and I'm already the 8th person in line for the passport office that opens at 9:30.
Sigh
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Picking a fight with my fellow Canadians.
Portuguese custard tarts >>>>>> butter tarts.
I will die on this hill.
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The most popular planning question I get, by an order of magnitude, is:
"How do I get out of paying capital gains on this rental property?"
Simple answer: You pay the tax. Accept it.
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Damn. Singapore does not mess around 👀
So, what do other countries do when it comes to housing investors & foreign buyers? Here's what Singapore is doing!
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Sadly we’re used to being lied to by Canadian food franchises.
- Swiss Chalet has nothing to do with Switzerland
- Boston Pizza has nothing to do with Boston
- Tim Horton’s has nothing to do with edible food
I mean was there ever even a Harvey?
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I remember the days when people didn't care about cash flow yield on GTA properties. 👀
@BenRabidoux
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Canadian Tax Myth
#227
: Investing in real estate through a corporation reduces your tax bill.
FALSE.
Sadly this is one of those that just keeps coming up.
To explain why not, a brief 🧵👇
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Yowza!
Canadians Took Out $2 Billion In HELOC Debt Over Just 28 Days, Most Since 2012 - Better Dwelling
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Canadian tax myth
#523
If you own a rental property for several years and then move into it for a year, it does not eliminate the capital gains tax.
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More like CRA is no longer permitting subsidies to speculators by giving them a tax break for investing in negative cash flow properties whose prices were bid up by these very speculators, damaging affordability of everyone else.
The CRA knows that small Landlords subsidize the public housing market and they are sending this to people?
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@JohnPasalis
No it doesn’t.
Canada makes up 3% of global markets.
Also many pension funds and sovereign wealth funds exclude their home country as the pension has exposure to the risk of the home nation by way of the risk of its contributors earnings.
This had nothing to do with patriotism or
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Air Canada attendant insisted I needed to check a carry on.
I begrudgingly said “fine, give me a minute to put an Airtag in it to track it”
The attended replied “you know what, don't worry about it”
🧐👀
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Finally seeing the
@cbcmarketplace
hidden camera video.
Literally screaming and swearing as I watch it.
The advice being dished out at bank branches is as bad as expected, but watching these people lie to consumers is enraging.
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So far,
@scoopercooper
’s book has taught me that opening a Robo-Advisor account to invest $1 today requires 1,000,000x more Anti-money laundering clearance than someone walking into a casino in BC with a $500k in $20 bills in a in a hockey bag.
🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️
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If these is one lesson I have learned time and time again in finance, is that people who argue against transparency are doing so for their own benefit.
#canadare
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People need to start becoming more concerned by the size of their personal debt, and not just the interest rate.
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Terrible bank branch advice story of the day.
Got a call from an advisor at the bank that holds my mortgage and HELOC.
Due to the new limits on HELOCs I am about to lose access to $7,000 in borrowing capacity.
Never mind that he called it losing equity, he suggested that if I
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Canadian tax myth number 8372: Returns earned in a TFSA are always tax-free.
Reality: usually, but sometimes they are not.
A 🧵👇
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The news just had a guy on claiming that an interest rate increase today would have resulted in his mortgage being paid off in 20 years vs 3-4 years.
What’s more shocking than the bad math is that the producers broadcasted it!
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@KimGCMoody
@cafreeland
I love how the tax effects "only a few people" and gets them to pay "just a little bit more" but somehow also simultaneously will solve a ton of social programs.
Shrodingers tax: Both a lot and a little at the same time.
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12/ so instead they are all talking about “solutions” that make the problem worse.
Canadians do not need a dedicated registered account limited to housing savings designed to not solve the problem it claims to. Please pull back from this nonsense.
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Someone just told me they took the CFA to impress a girl.
I told him “you realize there are far faster and way less painful ways to do that, right?”
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There are few things in life more satisfying than not having to shovel because your driveway and walkways have in-ground snow melting
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Every time someone tries to tell me that a private version of an asset class is completely uncorrelated to the public version of that asset class.
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Canadian Real Estate:
Making American real estate "bubbles" look like child play since 2008.
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Canadian tax myth
#1
You can avoid paying capital gains on investments, cottages, and investment properties by selling them to your children for $1.
FALSE
And as far as tax myths go, this is probably the most ridiculous. 🤯
Quick 🧵 on why 👇
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@ronmortgageguy
Yep. Every time I talk to US peers and show them charts, their jaws drop and they ask “Didn’t you people learn from what happened to us in 2008”
My response: Apparently my country is dead set on being the subject of the sequel to The Big Short.
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Leveraged whole life funded by borrowing form home equity for a 72 year old with no insurance need resulting in >100,000 in commission.
The insurance industry needs a purge so badly it’s not funny.
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Today’s sign of the apocalypse:
- 1 bed + den, 1 bath
$13,500
No not monthly rent, to buy 2.5% of the condo.
People are listing fractional ownership of condos in 2.5% increments.
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9/Is this net benefit of a few hundred dollars per year, AFTER everyone has saved over 110,000, to accomplish anything other than creating more work?
If 40k was really the difference the just add 40k in room to everyone's TFSA next year instead of creating a mess.
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Framing the CPP start date as 65 makes taking it early at age 60 for a 36% reduction seem okay.
Frankly, I think this is a massive base rate error.
Waiting until 70 results in, on paper, 42% more than if you take it at 65.
However, when you consider that:
- The CPP max at age
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The Apollo rocket was off course 93% of the time and only got to the moon thanks to constant course correction.
This is the same logic as to why financial planning is a verb and not a noun.
A plan is a snapshot.
Planning is constant course correction to hit a target.
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Is it too much to ask that people stop assuming an average annual rate of return on Toronto RE of 15% in perpetuity.
#torontorealestate
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The question all Canadians should be asking but seldom do:
Do Chalets in Switzerland specialize in rotisserie chicken?
If not, we have all been lied to.
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Can someone explain the reasoning to public policy that would permit mortgages to be issued to Canadian’s that would result in them spending over 60% of their disposable income on housing?
@StephenPunwasi
@Ronmortgageguy
@ScottTerrioHMA
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Times must be getting tough. I just saw a Lamborghini SUV parked at a Walmart.
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Who would have thought negative cash flow investments were a bad idea? 🤷♂️
Toronto is awash in new condo listings /via
@globeandmail
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Given today's announcement that the government is going to move forward with the Tax-Free First Home Savings Account, let me just remind everyone how misguided this entire thing is and how it could have been more easily accomplished with existing accounts.
🧵👇
#RealEstate
The 40k tax-free First Home Savings Account.
There is so much wrong with this concept it requires its own thread. 🧵 👇
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Was told today that I’m generally not liked in insurance circles in Canada.
My response:
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@ScotiabankHelps
@SteveSaretsky
Lol. The classic “let’s take this off line” template reply.
Classic
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When dividends are so core to your identity that they are both in your Twitter handle and you feel the need to attack anyone who provides evidence to the contrary of your investment strategy.
Seriously, get help.
You are far past needing it.
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11/ their account, but that just means they will increase the demand side of the equation.
This does nothing for affordability. The only thing that does lower housing prices. But no politician wants to run on a platform of making your house cost less,
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Can’t buy a house? How about predatory lending?
This country is so messed up 🤦♂️
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We could fix a crumbling highway, or we could just paint over the problem.
#toronto
#ofcoursewedid
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“Despite making just $40,000 in their peak earnings, they bought at least $32 million worth of Vancouver homes. Further analysis from FINTRAC shows they moved over $100 million through Canadian banks”
Terrible
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10/Then let's consider the same line I keep repeating re: the housing crisis.
Accessibility and affordability are not the same thing, but no politician wants to acknowledge this.
At best this about created marginally better accessibility for anyone who can actually max out
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Lord save me from advisors in their 60s who think the only way for young advisors to survive is how they did in the pre internet era.
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Apparently,
@CliffordAsness
isn't used to people coming up to him and saying “I'm a big fan”
Thats a gross injustice
@FutureProofAC
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Me: at
@brianportnoy
I have a concept for a new show.
Brian: what is it.
Me: okay, hear me out…
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I had no idea there were so many experts in Canadian taxation on here.
🙄
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@ScottTerrioHMA
@ksituan
What are you talking about? We’ve always had east and west Saskatchewan
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This is the dumbest of laws. Just put a lein on the property.
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5/ Now the feds think that the solution to the housing crisis is to create a new account type to let people under 40 save another 40k tax-free.
Consider the issues with this.
First, anyone over 40 is left out to dry.
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Looks like the courts didn't buy the NYT story
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Financial literacy lesson
#1
ignore Kevin O’Leary
"Be careful when you f**k with people's bank accounts." Hasan Minhaj leans into
@kevinolearytv
about his influence on retail investors
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2K
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Americans: Hi, were thinking of moving to Canada.
Me: Really, have you looked at housing prices? Here is a link.
Response: Online equivalent of slowly backing out of the room
@StephenPunwasi
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Is anyone else tired of seeing GoFundMe being used to finance all of society's shortcomings instead of the issues being addressed?
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It’s hard to find dumber takes on this app than those made the anti Canada Pension Plan crowd.
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@MichaelHBaker
@jasrifootball
@AdamSchefter
Maybe next we can hold the Stanley cup finals in Buenos Aires
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Oh man, this chart is so ugly that it’s almost as if Jim Cramer said he was bullish on Canadian real estate 9 months ago.
@BenRabidoux
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Big 5 bank just tried to poach a client by sliding account opening and transfer forms into a package they were signing for other reasons.
Called him to ask why he was leaving.
He was clueless as to what I was talking about and not pleased when I told him we received the
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@stats_feed
Incorrect. Canada only references federal and fails to include provincial. That’s often another >20%
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Oh no! Ontario is down 45,000 realtors!
Whatever will we do?! There are only…checks notes…145,000 left. That’s only one per…35 households 🧐
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A few years back I made mentioned how one conference I attended started off by explaining their zero tolerance policy on sexual harassment. I thought little of it.
When I mentioned it the next week to a female colleague she shared with me all that things that had happened to
I've collected a few thoughts on the
@futureproofac
article
I'm not sure if it's my place to say anything but I want to talk not only about the concert - but something that bothered me after the conference.
Treatment of women in our industry & overall.
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Doubling down on the lie this only impacts 0.13% of taxpayers 🤦♂️
It’s time to change the capital gains tax. Here’s why:
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The CBA lawyers probably laugh every time they issue this statement.
"The examples described do not reflect the experience millions of Canadians have every day with employees at Canada's banks."
I guess they think quotas only apply every other day 🙄
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How many days until the same happens in Canada?
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