Did you know that single-income families actually pay more in taxes than dual income earners? The government has proposed income splitting as a solution, that would allow the income to be divided and declared by both spouses. However, it’s an expensive solution that may not take effect for some time.
Owning an income property or two is both a great way to make money and a real financial challenge. It’s been an excellent source of income for people over the last decade or so, as real estate prices in Canada have soared. But making money from property is a lot of work, an ongoing expense and requires some financial know-how to, in the end, make it make sense.