Readers of this blog will remember that I devote a good amount of energy ranting against the 4% Withdrawal Rule (and other “Safe” withdrawal rates) as retirement accumulation strategies. Furthermore, I’m generally not absolutely all that impressed with suggested modifications to the 4% Rule designed to in some way make it more workable.
As an outcome, any earnings from selling the house are no more considered a capital gain but instead as business income, and would not be eligible for the principal residence exemption. The recent changes to how the sold property is reported to the Canada Revenue Agency is not the first time the principal residence exemption has been significantly changed. Anyone who was a non-resident of Canada in the entire year a property is bought, will no longer be able to automatically put in a year to the number of years the property is considered a principal home.
The venture capitalists in Palo Alto don’t want to visit far to visit their start-ups in the early phase, why as long as they? So the startups are all on the peninsula. Once those startups become successful and enter high-growth phase, they don’t really want to move, why as long as them? Once their high development phase has ended plus they have to start viewing the pennies, they elsewhere expand or get bought up like Sun Micro, or flame out and go out of business like more companies than I could count.
Then yet more startup cos. I greatly respect Congressman Ro Khanna for going to the previous coal country of Kentucky and meeting with their elected representatives to try to help them with the magic that has made the SF Bay Area so dynamic. This is not a zero-sum game, folks. If Kentucky (which is a beautiful state, by the way) and the other parts that helped build this country may become centers of technology, it doesn’t indicate Silicon Valley and SF will minimize innovating.
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The more thoughts working to solve the issues humanity encounters, the better off we all are. Ms. Cutler also elevated the problem in the transport part of self-driving vehicles (100% electric, powered from home solar panels, please). No-one knows for sure when or how that will continue to work out, but if past experience and educational research are any guide, it will decrease the recognized cost of commuting as people can make productive use of their commute time. People will commute further because the amount of time in the electric motor car is not squandered – they can teleconference in, or work on their laptop, or eat breakfast.
Decreasing the price of transportation has always resulted in more folks fleeing the dense city for the more affordable (because less dense) suburbs. Silicon Valley will have a great deal of cheap housing and everyone can look at the terrible flats jammed next to each other with zero set-backs and ludicrously inadequate parking and wonder what we should be thinking.