Yes - it has - and within the last couple of weeks, a previous thread exactly on this subject springs to mind. It would be worth your while to run a search.I know this is discussed in a few places but I am just wondering if anyone else is in the same position as myself?
Few would blame you! I know if I was in this position (and there are a set of circumstances that could bring this about for me too at some point) - I would do the same.I own an apartment and rented it out some time ago without letting my bank nor revenue know. I know I should have but I just can't afford an increase in my mortgage and also cannot afford losing the TRS.
Purely speculative on my part ...but I would be inclined to think there are a LOT of folks in the 'same boat' as you in this regard.Are other people in the 'same boat' as me?
Yes - it has - and within the last couple of weeks, a previous thread exactly on this subject springs to mind. It would be worth your while to run a search.
Few would blame you! I know if I was in this position (and there are a set of circumstances that could bring this about for me too at some point) - I would do the same.
From what I understand, the points of weakness could be PRTB registration - it's a judgement call - but I would say, don't do it! The other would be insurance documentation. I'm not sure what lender your with - but mine insist on getting a copy of the insurance policy each year (if I have changed insurance provider....which invariably I do - in order to get the best deal). What's stated on that policy could indicate the status of your property - so some thought needs to go into that.
Purely speculative on my part ...but I would be inclined to think there are a LOT of folks in the 'same boat' as you in this regard.
It's the OP's query and it's the OP who makes his/her own decision on that - not me.What you are suggesting is breaking the law, fraud and tax evasion.
I wouldn't presume to know the extent and specifics of the OP's situation. However, your both quite right. The right thing to do is to ensure tax compliance regardless of the circumstances.While I understand the OP's position is tough, why should the rest of us who are already struggling be the ones to pay?
It's the OP's query and it's the OP who makes his/her own decision on that - not me.
What you are suggesting is breaking the law, fraud and tax evasion. While I understand the OP's position is tough, why should the rest of us who are already struggling be the ones to pay?
What mandelbrot said.True but you did suggest non registration with the PRTB?
It's easy to be on the moral high ground, but sometimes circumstances dictate people's decisions.
If you were in the same situation as the OP you might well find yourself making decisions you'd always have believed unthinkable.
As long as the OP is prepared to accept the consequences if / when they get caught, who are you or I to judge.
The prudent thing here would be to come clean and regularise your situation with regard to the rental property in my view. Ignoring unresolved tax (e.g. evading tax on rental income and fraudulently claiming TRS) issues simply compounds the risks involved in eventually being "found out" - which I presume are already high (e.g. as soon as tenants claim the rent tax credit etc.). Not much more to be said about it as far as I can see.I am starting to feel very worried that I will be 'found out' and I fear what may happen. Am I thinking about it too much or what do others advise?
Of their own making.it is a mess
Of their own making.
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