Landlords - best way to secure payment from foreign students?
- Thread starter nottyboi
- Start date
cash, no paper trail.
Foreign students do not file Canada tax returns ergo no tax rebates on rent paid, therefore no traceability of monies collected by landlord.
Foreign students do not file Canada tax returns ergo no tax rebates on rent paid, therefore no traceability of monies collected by landlord.
ya but I can't really expect them to bring 8K can I ?cash, no paper trail.
Foreign students do not file Canada tax returns ergo no tax rebates on rent paid, therefore no traceability of monies collected by landlord.
Dude.. Wrong.cash, no paper trail.
Foreign students do not file Canada tax returns ergo no tax rebates on rent paid, therefore no traceability of monies collected by landlord.
CRA expects that you are attempting to make money if you rent a property...if the whole property is rented costs sometimes offset the expenses (mortgage interest for example)...if just a room, then that may be a different story.cash, no paper trail.
Foreign students do not file Canada tax returns ergo no tax rebates on rent paid, therefore no traceability of monies collected by landlord.
Then roll the dice, either want to rent the place or not! Who wants to be a landlord, with so many professional tennants around.
What you need is an irrevocable letter of credit. it's very common in foreign transactions. Notice the "irrevocable". Letters of credit can be rescinded but not ILofC.
Open a joint account at the bank which require joint signatures. Asking the full year's rent and rental deposit put in the joint account. Have the student sign 12 cheques for the monthly rent.
You then sign the cheque at beginning of the month. and deposit to your account. This ensure the money is in the account, no withdrawal without both signature. Hope this helps. Better check the Residential Tenancies Act first.
You then sign the cheque at beginning of the month. and deposit to your account. This ensure the money is in the account, no withdrawal without both signature. Hope this helps. Better check the Residential Tenancies Act first.
