₦airaland Forum

chinchum:
Are you for real? Let me tell you something . I am less than 2 yrs old in Canada, and i have less than 17 yrs left on my Mortgage. I started a Mortgage less than a year ago, and i intend to pay up within 5 -7 yrs. You don't pay interest on capital gains when you sell your principal residence. Don't hang around pessimist they are every where telling you it can NOT be done.

17years boy thats is some years away. i would be like 60 years then.

chinchum:
It actually is, like i said, we all need financial discipline to get most things done and take advantage of certain situations, else you miss out. I want to actually believe all of your messages on this thread had been done with good intent, it is your perception which you have a right to, however if you stay pessimistic , you risk a chance of not seeing what opportunities are available to you.

I saw somewhere where you said you have student loans of over $20,000 , if you are still a student , the loans never yield interest till you are out of school, so why not start saving if you have a small job and you can afford to save now. Most student loans have two portions , a part will start accruing interest a month after you are out of school, the other part will start accruing interest 6 months after school. The moment you are out of school pay up within a month that part that may yield interest a month after schooling. You have a chance to get a job courtesy of your newly acquired education, when you get one aim to pay the remainder before the 6 months mark if you miss that, you have as much to 10 yrs to make full payment, pay up as much as possible.

lets discuss the house issue, forget i said i am indebtedness its my personal matter and i aware of the conditions attached to my loans , let analyses things. lets look at the house issue.
Cost analysis monthly
hydro------------------$200
water------------------$300 depending on usage
maintenance...............say 5% of the total cost of the house
property taxes..........i think another 5% of the cost of the house. remember this is a yearly cost.
mortgage -------------$1500
insurance--------------?
the list goes on. i have counted the cost.

ChiefkeefGB4:
The capital gain exemption for married couple for the first 500k was made to encourage couples to stay together and to encourage people to get married to enjoy the benefit. If your married you also enjoy many non refundable tax credits.

and how about the several expenses you make to keep the house in shape, so you can maintain the value. how about the several bills.

ChiefkeefGB4:
If your married you don't get taxed on 500k of your capital gain.

So are you advising i divorce my wife coz i want to buy a house ? and become dangote after 25years of paying for a dumb house, at that time (25years) my teeth go do walka finish.

oluayebenz:
You get time sha.....
Why arguing with people that has never step foot on Canadian soil.

My brother no mind me. werin i sabi, i just be small boy for canada.

chinchum:
i don't have to investigate, i know for sure.

https://turbotax.intuit.ca/tips/selling-canadian-principal-residence-8919

okay sir i rest my case. if you think it is then happy investment.

chigo4u:
Oya return to Nigeria then

you do not have to resort an act of aggression its un-Canadian my friend. just give your opinion like some who is matured and has been leaving in a "sane" environment for a while.

chinchum:
Every time you pay, your mortgage amount drops and your equity increases, if your mortgage terms allows for prepayment and increase in payment frequency, you can also take advantage of that to ensure you pay less interest and finish your payment in the most possible time . You dont pay 50% as capital gain if you are selling your principal or original residence. That will only apply if you are selling a home you are not living in.

? lol this you last statement is untrue, investigate well. do the analysis. i have had people say owning a house is investment. i have worked the mathematics i have concluded it does not make sense, again this is my personal opinion, what do i know STUPID me.

chigo4u:
Ok can you also leave the thread with your pessimism so others can contribute

you can exist me out forcefully sir. as you think i am one of those who like sweat talking people. I deal with facts. i analyze things, i never said the guy should not move. but he should weigh his options. i am till discovering stuffs here in canada, is canada heaven nahhhhhhhhh, is their free money in canada naaaaahhhhhh, so i am not painting that picture, if you want to paint that picture go ahead men.

chigo4u:
Yes that’s also what op is asking for, he has made his capital from Nigeria like Dangote and wants to branch out like Dangote. Honestly your mentality is why you are yet to make it abroad, your reasoning is very low. Even on this thread there has been many people that have disclosed that leaving Nigeria is the best decision they have made, infact it’s only you that’s here saying the contrary so the problem is you and not the system. Maybe you are waiting for government to knock on your door and dash you money lol

sorry i must be STUPID. me bad.

chinchum:
Buying a house is a form of investment, as you build what is called equity when you do that. i have not included child matter, as i have assumed that this is a Single with no children. A married or common-law partner family with a child(ren) means they can afford to earn more from both partners working and possibly earn monthly government child care benefits, which can go as high as 550 cad/child. excluding other provincial benefits.

And how is it an investment sir? when you have to pay property taxes every year, you have to pay water and hydro, you have to maintain the damn house, plus when winter comes you pay more for hydro. when you sell the damn house government takes 50% as capital gain from ur so called profit ? so how is that an investment.

chigo4u:
How many people can boast of that in Nigeria? Atleast outside, even if you don’t have much you are sure of feeding and basic amenities while over here nothing comes with the poverty. There is no environment to promote smart thinking in Nigeria

Boast of what, you mean boast of indebtedness ? as i speak to you i am 23k indebted to student loans.

chigo4u:
The same Dangote that is targeting to be listed on London stock exchange? Dangote probably stays outside Nigeria more than he stays in Nigeria

and where did dangote start his investment, in canada abi ? doing security work in canada or doing care job ? Guy , my brother in nigeria bought a 2018 Lexus jeep, i can not try that here, else....................you know the rest.

chigo4u:
If you are offered a visa out of Nigeria even you will run faster than your legs. Check the number of people making it in Nigeria vs the number of unemployed. Like same Nigeria that is officially the poverty capital of the world. Pleasee

and have you checked the number of people who are indebted in canada or USA, how many people in these countries can boost of $10K, that this young man have. i know is not about money, but guy it is not easy anywhere. success depends on how smart you can think and improvise your investment ideas, not necessarily but your location.

chigo4u:
The same Dangote has houses in Canada, Dubai, US Uk etc and multiple visas to those countries

and did he stay in those countries to make the money or he stayed in nigeria?

chinchum:
someone earning 30k will pay tax of roughly 3k/annum ..... (s)he has abt 25k left. Financial intelligence &discipline are quite important .

2,000 cad per month can still allow for savings for someone smart.

Housing + other home utilities ----1050cad
transportation------ transit (100cad) if transit , it could be about 50 cad with a subsidy based on income
feeding----- 200cad
Phone bills ---- 50 cad
other expenses ------ 100 cad.(toiletries, occassional clothes and shoes e.t.c)

Total is $1500 (1050 +100+200+50+100)
$2000-$1500 -= $500 possibly for savings

But an idiot earning that low will possibly spend foolishly and may acquire the latest BenZ and paying installmentally.

And even buy a house thinking buying a house is an investment in Canada. but this ur analysis get as e be u know add child matter inside.

lebron7:
God, Nigerians are so unbelievable. I'm sure you have not even stepped into of this country, ignoramus

oh he has been to ikeja airport

Spanishmilf:
You don't understand me

like as i do not understand you,.

Spanishmilf:
Can you compare your living life style with....Wizkid,OLAMIDE, Davido,donjazzy ND CO if you want to compare your self compare your self with your level MATE those people are super rich and they are celebrity for God sake...

and what law or force stopped from being one in Nigeria?

Spanishmilf:
Imagin me not coming to Nairaland begging people in the pet section that I need dogs or protection because our police has fail to answer when trouble start......

why has lindaikeji not run from nigeria?

ChiefkeefGB4:
Don't blame the white man for you lack of success. Yes, it's true white Canadians occupy 96% of Corporate executive roles and control most of the wealth. I know many Nigerians that have broke barriers in different industries in finance,government and entertainment and made it to the top. Canada is still the land of opportunity- The Toronto Raptors GM Masai Ujiri is from Nigeria for example.

You are right sir. pardon my idiotic brains.

Spanishmilf:
There is Job everywhere if you study you will see job Tax wont be a problem they are millions of Niheria in abroad who are not complaining about TaX it you people that don't have international passport that will be killing some one chakra with your useless opinion and daft point

Pardon my foolishness.

damzy88:
This is the situation we have found ourselves. Poverty makes you believe everything is about money

when you reach here you would understand money is needed. when bills are to be paid. you would be thinking hard how to make money.

ChiefkeefGB4:
People like Dangote haven't left because they have connections with the fantastically corrupt Nigerian politicians and ex-generals like Abacha that gave them monopoly over industries. How is the average Nigerian faring when in comes to security and healthcare-the prime things you need to have a good life?

I am a man who thinks deeply and reason deeply. some things look very funny. i have shared my experience in the best possible way i have viewed my stay in canada, i can truly see that the white is more smarter than us. we are enemies to ourselves i rest my case here. My brother this white folks do not send us. i rest my case i would not speak further.

Timi1990:
Bro no let anybody Dey give you format , $7k can’t build a good house anywhere in naija.

oga leave am it can build mud house with no roof in his village.

Techsunny:
most u live legal in Canada??.

Mr illegal please leave me alone.

Spanishmilf:
but you will see why you are paying tax.....
80% security
24/7 electricity
Free health care
Environment pollution free
Browsing fast ASF it 985mb/s in d UK
Peace of mind WTF are u talking about TaX

we are telling reality can you deal with it , if you can deal with it come over. but have you thought why have people like dangote not left Nigeria to canada or America?

ChiefkeefGB4:
Yeah you get free healthcare that is why the tax rate is high,so Canadians are actually better off than Americans.

their is nothing free in freetown self , bros some one is paying for that ''FREE".

ChiefkeefGB4:
You are only truly free in Canada when you pay off your mortgage.Which can take 10 - 30 years.

even after that you are not free you would be obediently paying property taxes. else u may loose the house.

ChiefkeefGB4:
Tax rate is high in Canada this is only Federal Tax:
15% on the first $47,630 of taxable income, plus
20.5% on the next $47,629 of taxable income (on the portion of taxable income over 47,630 up to $95,259), plus
26% on the next $52,408 of taxable income (on the portion of taxable income over $95,259 up to $147,667), plus
29% on the next $62,704 of taxable income (on the portion of taxable income over 147,667 up to $210,371), plus
33% of taxable income over $210,371
And you also have to pay an additional Provincial Tax which brings it to between 30%-48% depending on your income.

hmmm how about every time you make purchases 13% in manitoba. the only thing you do not pay tax is the air you breathe in, and i doubt it self.

Techsunny:
if u don't rob u won't make it abi??.Lazy youth.

yeye dey smell for yah head. common get away here. gerrout of here men. go smoke ur igbo.

Timi1990:
Tax rate in the USA is between 10% - 37% also . And you pay property tax and other county tax too ; Heath care in the USA is damn expensive that many low income people always end up filing for bankruptcy.

Guy i beg please no talk again, them think say na like nigeria wey them go dey escape paying taxes. if them try am for here na Jail straight. them think say na Africa or nigeria.