Hidden Rental Costs, Business Expenses & is the FHSA Right for You?
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Hidden Rental Costs, Business Expenses & is the FHSA Right for You?
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Jess & Colleen discuss unexpected “hidden costs” in investing, homeownership, and business operations. Jess shares surprises from a newly purchased up/down duplex rental property, including an unfinished backyard, choosing gravel over grass to reduce tenant maintenance, and contractor quotes for wood privacy fence and gravel. Colleen shares hidden business costs, moving from manual Excel payroll calculations to scheduling/time-tracking and payroll platforms costing about $70–$80 per month to save time and reduce errors. The episode explains Canada’s First Home Savings Account (FHSA): contributions reduce taxable income like an RRSP, withdrawals are tax-free for a first-time primary home purchase without repayment, the annual limit is $8,000, and the lifetime limit is $40,000; they note investing choices should reflect a homebuying timeline and plan to discuss private equity next episode.
00:00 Welcome to TGIF
00:34 Weekly Catch Up
00:51 Rental Hidden Costs
01:55 Fence Quote Shock
05:43 Business Payroll Costs
07:56 FHSA Basics Explained
10:33 Investing Timeline Tips
12:18 FHSA Limits and CRA
14:43 Primary Home Rules
16:17 Landlords and Balance
17:17 Next Week Preview
17:34 Wrap Up and Follow