Letters
Left wanting for more depth
AS A CPA, CA and a data-driven REAL- TOR® I was very interested in reading the November special issue on real estate. Unfortunately, I found the content was a little wanting. Instead of some strong market analysis, or in-depth investment information written to a CPA’s level of comprehension, the feature article (“The Real Estate Investor’s Toolkit”) was writ- ten by a freelance lifestyle writer. Also, the Editor’s Note touts a focus “on what people are doing to beat the heat of the market” and cites a “solution” one family had with shipping containers in cottage
country (“Home Free”). Then, that sec- tion opens by describing how the family packs the kids up on the weekend to drive two hours from Toronto to the property. How is spending additional funds to buy a second property two hours away from Toronto allowing anyone to “beat the heat” of the Toronto market? I don’t mind a fluffy article on alterna-
tive housing types, but please don’t try to make it sound like something it’s not. Scott Ingram TORONTO
IN THE “Real Estate Investor’s Toolkit” Rosalind Stefanac recommends the
Smith Manoeuvre, but I believe this is the wrong terminology. She indicated that “if you’ve mortgaged your home to invest in an income-producing asset, you may benefit from a tax-saving strategy called the Smith Manoeuvre.” If you own an income-producing prop-
erty, borrowing to invest may be appro- priate if you have the right income, net worth and risk personality. However, my understanding is that the Smith Ma- noeuvre is targeted at people who have a non-deductible mortgage on their principal residence, not on an income- producing property. In addition, they have equity in their home on which they
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letters.editor@cpacanada.ca Letters may be edited for space and clarity
4 | CPA MAGAZINE | FEBRUARY/MARCH 2018
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