How Okanagan BC Business Owners Who Don’t Own a Home Are Totally Blowing It (and what you can do about it)
Congrats on leaving the 9-5 grind behind to run your own business venture. It must feel good to retreat to your very own home at the end of each day to bask in the rewards of your entrepreneurial labor. What’s that? You don’t own a home? While we still admire your entrepreneurial spirit, we have to be honest with you; you’re totally blowing it. As a business owner you have everything to gain by investing in a property today. Below is what you need (clearly) to know.
There Are Mortgage Programs for YOU that are Going to Waste
We know how you probably feel about the federal government, especially when it comes to tax season. Like, c’mon, how does the CRA not realize that a week of research in Hawaii isn’t a deductible business expense?
Well, they aren’t as troublesome as you may think. In fact, the federal government wants to reward small business owners for contributing to the sustainability of the Canadian economy. They have made available a number of mortgage programs that apply to YOU. If you don’t use them, they go to waste. View more about these programs, and how to qualify, in our guide to getting a mortgage as a business owner. Don’t have time to read it between customer/client duties? No problem. We’ll take care of the program-matching and pre-qualifications for you. All you need to do is call 250.493.9111 to give us the go ahead on your behalf.
You Can Deduct a Ton of Dough
Speaking of taxes, as a business owner you can leverage home ownership to write-off many expenses if you use even just a portion of your new home to manage the business. This applies not just to consultants who work from home, but also service providers who may be able to service clients in an extension of their house. This is commonly done by everyone from fitness trainers and estheticians to lawyers and interior designers, and beyond. Unless you absolutely have to be on-site to sell or serve (i.e. a cafe) your new home can serve double-time as a place of business. As a result, it will provide seemingly endless opportunities for tax deductions. Furthermore, after you’ve built-up some equity, you can tap into that equity to renovate and add/expand an office or studio along with the bells and whistles to make you more efficient, such as Smart-tech installations. In addition to using equity, you can write these business upgrades off at the end of the annum.
We told you that you were missing out by delaying home ownership. Let’s get you pre-approved on a mortgage right now. Call 250.493.9111.
You Might Be Able to Buy Your Home as a Business
There are some unique scenarios that allow you, as a business owner, to buy a house as a corporate entity. There can be advantages to doing so, especially if the property will be leveraged to earn income as a short or long-term rental property. Reference our article titled Can a Business Buy a House to learn more. Alternatively, you mat call Carloni Mortgage Brokers at 250.493.9111 to ask about this, and other creative ways to get a mortgage as a business owner.
Comments