Archive for the ‘tax’ Category

Paying cash – Underground economy crackdown

Posted on: December 7th, 2015 by Real Estate Accountants No Comments
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Cash payments “under the table”? Requests from tenants or tradespeople to accept cash while running your real estate investing business? The underground economy is thriving in Canada, and the Canada Revenue Agency is focusing on what Statistics Canada estimates is 1.3% of Canadian GDP. And, who do you think that they are targeting? Likely industries, […]

CCA – Creating a loss on a rental property? Not so fast

Posted on: November 26th, 2015 by Real Estate Accountants No Comments
Rental property

To claim capital cost allowance (CCA) or not claim to CCA is one of the perennial questions we receive as real estate accountants. Aside from the debate about whether or not to claim CCA, some specific rules exist about when you can and can’t claim it. (For details on CCA itself, see Claiming capital cost allowance […]

Accounting for buy-and-hold real estate investments

Posted on: September 15th, 2015 by Real Estate Accountants 5 Comments
Door on a home

Buy-and-hold real estate investing has its own unique set of tax and accounting rules. As discussed in articles on flipping properties, and rent-to-owns, using the proper structure is critical. Think of this as a short primer on those rules, and how they may affect your taxes as you plan your real estate investment business with […]

Accounting when flipping real estate investments

Posted on: September 8th, 2015 by Real Estate Accountants No Comments
Tools to renovate

The tax rules surrounding flipping properties, unlike rent-to-owns, as described in a previous article, are slightly more straightforward. But, using the proper structure is still critical. Think of this as a short primer on those rules, and how they may affect your taxes as you plan your real estate investment business with your real estate accountant and […]

Accounting for rent-to-own real estate investments

Posted on: August 26th, 2015 by Real Estate Accountants 9 Comments
Handing you the keys

The tax rules surrounding rent-to-own (RTO) real estate investments provide an insight into the complexity of the Canadian Income Tax Act and illustrate why having the right advice, and using the proper structure, is critical. Think of this as a primer on those rules, and how they may affect your taxes as you plan your […]

Understanding GST/HST Housing Rebates

Posted on: July 1st, 2015 by Real Estate Accountants 2 Comments
GST/Housing Rebate

GST/HST tax is an area where real property owners and sellers have many questions. “With increased property values, HST is becoming a bigger issue on the sale of real property, including farmland.  See the referenced article for some of the issues to consider when buying or selling real property,” says Scott Merry, CPA, and Senior Manager […]

Behind on filing your taxes? Time to make a plan

Posted on: June 3rd, 2015 by Real Estate Accountants No Comments
Get caught up on tax filings

Over the years, we have fielded many questions and concerns from real estate investors, business owners, and other clients who, sometimes sheepishly, sometimes fearfully, have approached us to say that they are behind on their tax filings. I always start this conversation with “You are not the only one”. Approximately once a month we have […]

Non-residents and non-resident joint ventures: Filings and deadlines for owning and selling Canadian real estate

Posted on: May 28th, 2015 by Real Estate Accountants No Comments
Annual filings for non-resident investors in Canada

Given the time of year, June 30th being a major tax filing deadline for non-residents, we wanted to highlight an article from the archives that covers the ins and outs of owning and selling Canadian real estate as a non-resident, or as a real estate investor who has non-resident joint ventures. Many of our clients are […]

CRA Liason Officer Program – An audit in sheep’s clothing?

Posted on: May 19th, 2015 by Real Estate Accountants 1 Comment
CRA Liasion Officer Program - Audit in sheep's clothing?

In 2014 the Minister of National Revenue announced The Liaison Officer Initiative. The CRA will provide in-person information to small and medium enterprises at key points in their business cycle to help them get “right from the start”. Sound innocuous enough right? In fact, it sounds wonderfully helpful. Maybe not. Now that the initiative is rolling […]

Resolution to purge the paper?

Posted on: March 22nd, 2015 by Real Estate Accountants No Comments
Purging paper and shredding old records

One of our frequently asked questions is “when can I get rid of all this paper?” Great questions, and one where you need to know the rules before getting into trouble with CRA. We were pleased to be featured in the Real Estate Investment Network’s January REIN Real Estate Report, where we answered this very […]