Archive for the ‘news’ Category

Why and how should I register for an ITIN with the IRS?

Posted on: November 19th, 2012 by Real Estate Accountants No Comments

You need an Individual tax identification number (ITIN) to file a US tax return. Why is this important if you have rentals in the US? If you don’t file a US tax return, they withhold 30% of your GROSS rent. Not net, GROSS (i.e. total rents received). To get an ITIN, you need to complete […]

Should I register for GST/HST?

Posted on: November 14th, 2012 by Real Estate Accountants No Comments

The “should I register for GST/HST” question is a common one we get from our clients, which normally goes like this: I have received forms from CRA for GST/HST registration, I am not sure if I should register a GST/HST number for a parent corporation and a real estate holding company. There is no income […]

What Non-Residents Should Know about Selling Canadian Real Estate: Part 2

Posted on: October 16th, 2012 by Real Estate Accountants 5 Comments

In Part 1 of this article, we discussed non-residents who own Canadian real estate. In Part 2, we’re going to focus on when non-residents sell Canadian real estate. What are the additional tax issues when the non-resident disposes of a Canadian real estate rental property? Non-residents must apply for a clearance certificate from the Canadian […]

US extends amnesty program to “low risk” taxpayers

Posted on: June 28th, 2012 by Real Estate Accountants No Comments

Since the US has been getting tough with ex-patriates on tax filings, I’ve often been asked by our clients, contacts, people at parties what they should do about their US-citizen husband, friend, aunt, cousin’s tax filings once they know I’m a CPA. Understandably, the looming penalties and possibility of prosecution that could have been imposed […]

The importance of proper reporting: Raising Capital Interview

Posted on: June 11th, 2012 by Real Estate Accountants No Comments

Properly reporting to both your investors, and the CRA, is a key aspect of any real estate investment business. Making sure that you are properly handling the accounting and tax issues that arise when dealing in joint ventures is critical to your success. Recently, Russell Westcott, of the Real Estate Investment Network (REIN), sat down with […]

A nickel for your thoughts? Federal Budget Commentary

Posted on: March 30th, 2012 by Real Estate Accountants No Comments

Real estate investors and business owners will like that the 2012 federal budget did not announce many enormous tax differences. However, the budget does aim some sharp jabs at those in the technology/manufacturing industries. On first reading of the budget summary, it appeared that our national debt problems were going to be solved by taxing […]

New US tax filing rules on foreign assets

Posted on: March 9th, 2012 by Real Estate Accountants No Comments

With US tax season upon us, I wanted to highlight some changes that may affect you.  Specifically, I want to focus on the new Form 8938, which is just one of many forms that U.S. taxpayers with non-U.S. assets must file. This is another tool that the US is using in its continuing efforts to […]

New partnership reporting rules

Posted on: February 1st, 2012 by Real Estate Accountants No Comments

Legislation and policy are two different things with Canada Revenue Agency. Legislation is the rules, and policies are how they are enforced. One of these enforcement changes has particular interest for real estate investors in partnerships, and may catch many real estate investors and other partnerships off-guard. For partnerships, the CRA has changed an administrative […]

Merry Christmas…seeing you in the New Year

Posted on: December 20th, 2011 by Real Estate Accountants No Comments

Merry Christmas from our team and best wishes for the holidays! We appreciate your time, efforts and business. No matter what holiday you may be celebrating, we wish you and your family and friends a relaxing and happy holiday and incredible New Year. Holiday Office Hours As is our tradition, our office is closed at […]

Beware of fraudulent emails from CRA

Posted on: December 19th, 2011 by Real Estate Accountants No Comments

We have had a number of clients ask us about suspicious emails they’ve received that claims to be from Canada Revenue Agency. To help combat this problem, CRA has issued a series of warnings about email scams that are currently circulating. The CRA has posted an article outlining what you should beware of when you […]