Archive for the ‘news’ Category

Tips for year-end tax planning

Posted on: November 17th, 2013 by Real Estate Accountants No Comments
Jacob's Ladder

It’s hard to believe that 2013 is drawing to a close when it seems like we were just celebrating the summer holidays.  Here are some quick tips to think about and discuss with us before the end of the calendar year, or before the year-end for your company: Ask us about triggering capital gains or […]

Q&A: How do I record the equity value in my real estate in my bookkeeping?

Posted on: June 26th, 2013 by Real Estate Accountants No Comments

Q: How do I record the equity value in my real estate in my bookkeeping? I paid $200,000 10 years ago and now the market value is double that amount but there is nothing in my books to indicate this value. I’d like my bookkeeping to reflect the true market value of my properties. A: […]

2013 Federal Budget – A focus on tax changes

Posted on: March 26th, 2013 by Real Estate Accountants 4 Comments

We’ve now seen some of the provinces come through with their budgets and as a general rule there are certainly financial concerns, dealt with by tax increases (direct or indirect) and spending cuts. With the federal budget (on the first day of the real March Madness games) we are faced with much of the same […]

Q&A: How do I minimize taxes when I pull out RRSP money to purchase real estate?

Posted on: December 12th, 2012 by Real Estate Accountants No Comments

Do you guys have any suggestions on how to pull out some RRSP funds and minimize the tax impact?  Looking to pull out some funds to buy real estate in the US… Answer: On the question of RRSP withdrawals, it’s not so much that you’re going to reduce any taxes, but whether or not there […]

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 […]