Q. I will be moving to Canada and settling alone renting an apartment. I just want to ask how renting works. I am a young adult. Sorry for some of my dumb questions. Do the owner of the apt accept cash or just cheque? Do I need to go to the bank and ask for evaluation for my salary earnings ? Do they do contracts like a year contract or can I leave whenever I want to as long as I pay the whole rent amount (if ever i would want to transfer) ?
A. You can't just move to Canada. For the sake of the rest of the question... I would assume you are a Canadian citizen, permanent resident, or have a valid work or study permit. Otherwise, you'll find living in Canada rather difficult.
There are not hard rules for renting. It depends on what you are renting and from who. Most larger apartments are run by property management companies and will require provincial ID (i.e. your provincial driver's license or a provincial ID card). Most will also run a credit check on you -- which you'll likely fail if you don't have a credit history in Canada. Some may require references. If you try to pay cash... many property managers will have a problem with this. It just isn't safe carrying large amounts of money. No one will accept a check from a non-Canadian bank.
Room rentals, splitting an apartment with someone, rural/poorer neighbourhoods, etc. might not require the credit check or sometimes not even references but... they will typically require Canadian ID.
Vacation rentals, time shares, apartment/condo swaps, and/or house sitting ads might accept credit cards (depending upon who is managing the agreement).
You require proof of legal residency to obtain provincial ID, to open a bank account, to obtain a social insurance number (i.e. work), to attend school, etc.
There are not hard rules for renting. It depends on what you are renting and from who. Most larger apartments are run by property management companies and will require provincial ID (i.e. your provincial driver's license or a provincial ID card). Most will also run a credit check on you -- which you'll likely fail if you don't have a credit history in Canada. Some may require references. If you try to pay cash... many property managers will have a problem with this. It just isn't safe carrying large amounts of money. No one will accept a check from a non-Canadian bank.
Room rentals, splitting an apartment with someone, rural/poorer neighbourhoods, etc. might not require the credit check or sometimes not even references but... they will typically require Canadian ID.
Vacation rentals, time shares, apartment/condo swaps, and/or house sitting ads might accept credit cards (depending upon who is managing the agreement).
You require proof of legal residency to obtain provincial ID, to open a bank account, to obtain a social insurance number (i.e. work), to attend school, etc.
If you are renting out a property that you own, are you required to obtain fire insurance?
Q. The property is located in British Columbia, Canada, but I was wondering in general if there is ever a requirement for owners to have fire insurance before they are permitted to rent the property.
A. Legally, no. By contract? Maybe.
If you're using a real estate agent, then they will require you to have property insurance, AND liability insurance, on that property, that you want them to manage.
If there's a LOAN on the property, then your contract with the bank will require you to carry property insurance.
But if you're managing it yourself, and there's no loan, then you don't have to insure it. If the place burns down or tenants vandalize it, though, there isn't any coverage, of course.
If you're using a real estate agent, then they will require you to have property insurance, AND liability insurance, on that property, that you want them to manage.
If there's a LOAN on the property, then your contract with the bank will require you to carry property insurance.
But if you're managing it yourself, and there's no loan, then you don't have to insure it. If the place burns down or tenants vandalize it, though, there isn't any coverage, of course.
Do I need to have 3rd party insurance for a financed car in Canada?
Q. I am thinking of buying car by any term of financing. So do I need to have the 3rd party insurance? and can the deler i buy the car form, help me with this, and if anyone know any good deler arround Toronto, London, Windsor, would you pls let me know? Thanks.
I'm in ON.
I'm in ON.
A. Depends on where you live (which province) and the need of the financial institution. As a minimum you will need collision and public liability/property damage on the vehicle and comprehensive too would help.
Keep your deductible as high as you can so the premiums don't cost you more than the car.
Good luck
Keep your deductible as high as you can so the premiums don't cost you more than the car.
Good luck
What percentage of take home pay should one expect after taxes?
Q. I currently take home around 70% of my income in the States. I'm wondering how different the tax rate is in Canada (Vancouver). I'm guessing the rate varies based on income, so assume $100K.
Would there be any other deductions? Is healthcare included in this?
Would there be any other deductions? Is healthcare included in this?
A. I'm looking at a T1 Special income tax form) right now--between $71 190 and $ 115 739 you will pay 26%. That is just federal tax. Then you have to add provincial tax which is 11.6% (Ontario). Then you add union dues etc/property tax (if you own a house) sales tax in Ontario is 14% at present. CPP (Canada Pension Plan-you must pay) /employment insurance all off of your cheque (sales tax of course isn't off your cheque--although eventually it is if you buy something) So having said all that, you'd be lucky to see 50K. Health care is included.
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