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Closing My Garage.


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Congratulations... My small shop that I go to has 3 bays and there are 3 mechanics and it can be tough to get an appointment.  Being in Hamilton there are a lot of essential jobs that never slowed down so it would seem that the big expensive dealer shops were the ones that slowed rather than the independents. You can always do side jobs but it certainly won't be fun without all the proper equipment.. I am 5 to 10 years away from retirement and looking forward to it.. shift work is a killer..

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On 8/5/2021 at 3:47 PM, DanD said:

Been in the automotive trade for 45 years. Owned my own shop for 40 of those years. With covid kicking my ass financially; decided I had enough and wasn't putting any more of my savings back into the shop; to keep it going. I'll miss a lot of my customers and the loyalty they have shown me over the years. The sad part is I don't know who to recommend them to go to? All the good  smaller shops that I knew are all closed or closing. So I'm going to try this retirement thing and see how that goes. Oh man my life is in for a great big change; not sure if I'm ready for it. Dealing with the public hasn't always been easy; vehicle repairs have always been a grudge purchase; but at times it could also be very gratifying; I'll miss that the most. 

Dan.  

I was in automotive for 42 years with 21 years as an owner and sold to a national chain in 2017.  I miss my long term guys and a lot of my customers, but I do not miss the day to day grind, especially finding competent techs.

I totally understand your feelings, mine was like I was selling my baby.

We are up here at the cottage now and after a lot of thought we are going to sell the cottage.  I am not getting any younger and owning a cottage 1300 miles away just ain't what it used to be.  Of course Covid entered into the decision with the lockdowns, but with Toronto big money chasing cottages we have decided to take advantage of the situation.

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On 9/8/2021 at 6:35 PM, Crimsongulf said:

I but with Toronto big money chasing cottages we have decided to take advantage of the situation.

Prices are getting rediculous by the day here. We turned down $530,000 for our cottage on Lake Erie last summer. I was told we were crazy not to take it. A similar cottage 3 doors down from ours same size, similar features, on the waterfront was listed at $1,000,049 last month!!! I don't know what they got 4 days latter but it sold fast. Another place across the road from the beach previously owned by a freind is listed at $1,490,000. It's a 1200 square foot3  bedroom 1 bath Viceroy with several small rooms. Wowza, I hope they get it. Ours is going on the market ASAP. 

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On 9/11/2021 at 12:25 PM, Old Ironmaker said:

Prices are getting rediculous by the day here. We turned down $530,000 for our cottage on Lake Erie last summer. I was told we were crazy not to take it. A similar cottage 3 doors down from ours same size, similar features, on the waterfront was listed at $1,000,049 last month!!! I don't know what they got 4 days latter but it sold fast. Another place across the road from the beach previously owned by a freind is listed at $1,490,000. It's a 1200 square foot3  bedroom 1 bath Viceroy with several small rooms. Wowza, I hope they get it. Ours is going on the market ASAP. 

Ours is just a 2B 1.5Bath 1100 sq ft on Hay Bay.  Realtors are telling us about 600K.  I figure the lot is worth more than the cottage itself.  Honestly if I wasn't 67 we probably wouldn't sell now.  Even with the exchange rate it is a good chunk of change that I can reinvest.

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On 9/12/2021 at 3:30 PM, Crimsongulf said:

Ours is just a 2B 1.5Bath 1100 sq ft on Hay Bay.  Realtors are telling us about 600K.  I figure the lot is worth more than the cottage itself.  Honestly if I wasn't 67 we probably wouldn't sell now.  Even with the exchange rate it is a good chunk of change that I can reinvest.

Just remember there is a 30% CDN federal tax on sales of property in Canada owned by foriegners. A freind of mine from Western NY got a rude awakening when he sold the family Lake Erie cottage a few years back. The family has owned it since just after WW2, more American owners than Canadians there, it's just across the Buffalo, Ft. Erie border. Heck it's called The Buffalo Yaght Club. I'm sure a good accountant may have a few loop holes up his or her sleeve. 

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6 hours ago, Old Ironmaker said:

Just remember there is a 30% CDN federal tax on sales of property in Canada owned by foriegners. A freind of mine from Western NY got a rude awakening when he sold the family Lake Erie cottage a few years back. The family has owned it since just after WW2, more American owners than Canadians there, it's just across the Buffalo, Ft. Erie border. Heck it's called The Buffalo Yaght Club. I'm sure a good accountant may have a few loop holes up his or her sleeve. 

It is in my wifes name and she is a Canadian citizen with a Canadian passport.  When we bought it from her Dad back in 2011 we were advised to keep my name off it. 

When her Dad passed away last year she was sole benificiary of insurance and retirement accounts.  Over a period of several months that has been electronically transfered to various US accounts.  Enough tax has already been paid through his final returns and probate fees.

Plan your work and work your plan.

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