I just got off the phone with a Disnat consultant. Not easy to get through to Disnat…
In fact, it hasn’t been easy to get through anywhere in recent years. Talking to someone in customer service has become a tour de force in 2024. No matter what company or government…
But hey, my RRSP, TFSA and RESP contributions are maximized. That’s what’s important!
“What, you have RRSPs, TFSAs and RESPs, Max? You’re rich!”
Rich is a relative word. In fact, everything is relative…
What’s rich? A million dollars? 10 million? 100 million? A pension plan indexed to inflation? A paid-up home? A six-figure salary?
Some people who think they’re rich aren’t… and some who pretend they’re not are.
Except there’s one person who’s rich, who knows he’s rich, and who’ll be rich for the rest of his life: Mario Lemieux.
The former Pittsburgh Penguins star recently put his chalet near Lac Tremblant in Mont-Tremblant up for sale. A $22 million chalet!!!
No, I didn’t mistype the amount; the Lemieux family’s second home is listed at $21,999,066 on the website of Michel Naud, real estate broker at Engel&Volkers.
A 5% commission would be equivalent to more than $1 million for the broker…
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Back to the chalet itself…
The home was built in 2012, and contains 20 rooms, including 8 bedrooms and 13 bath/shower rooms. The living area is nearly 17,000 square feet, and the lot is nearly 230,000 square feet!
No fewer than 25 cars can be parked simultaneously in the driveway, and another five in the garage.
There are also 17 fireplaces, two outdoor pools (not one) and a pickellball court on the property. And part of the residence has been built as a guest house!
Annual taxes are roughly $75,000, and someone wishing to purchase it with a mortgage (95% of the total amount) would have to transfer over $120,000 monthly to their financial institution.
Oh yes… the welcome tax – also known as the transfer tax – will be around $540,000.
All these figures make no sense. We’re in another galaxy from mine… a galaxy where having topped up your RRSPs means absolutely nothing!
Who can afford such a purchase? Very few people! And do they want to invest so much of their fortune in a mega-mansion in Quebec?
Note that this is exactly the kind of transaction for which the effect of the increase in the capital gains tax rate is significant. But then, I don’t think Mario has insomnia at night.
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If any reader is interested, I invite you to take a look at Miichel Naud’s official profile… and ask for a visit. But only if you’re really interested…
Oh yes, where did I go wrong? I haven’t yet shown you how majestic this ” chalet ” is:
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Note that Mario Lemieux earned approximately $60 million U.S. as a field hockey player’s salary… of which $26 million was transferred in equity shares in the Pittsburgh Penguins.
A share worth around $360 million in 2021, when the franchise is sold!
And that’s not counting the annual profits the Magnificent has managed to pocket in dividends every year.
Conclusion: I’m not rich. And neither are you!
Extension
Mario Lemieux currently lives in Sewickley – a suburb of Pittsburgh – Pennsylvania, in a home valued at nearly $4 million located near the Pittsburgh airport.