Archive for the ‘tax’ Category

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 […]

Capital Gains during the year? Consider selling losing stocks to offset the gains

Posted on: December 14th, 2014 by Real Estate Accountants No Comments
Offsetting capital gains, superficial losses

Have you experienced a large capital gain in 2014? Sold some property, or some good, non-registered investments? If you can sell some poor-performing stocks before the end of 2014, it is possible to offset the gains with the losses. And, even better, the losses can then be carried back for three years against capital gains, […]

Rev N You with Real Estate: Joint Venture Real Estate Deals with International Investors

Posted on: November 5th, 2014 by Real Estate Accountants No Comments
International JVs

George Dube was recently asked by Julie Broad of Rev N You with Real Estate  to answer the question of: What advice you have for doing a JV on a property in Canada with people who do not live in Canada (aka working with international investors)? The answers may surprise you:  Joint Venture Real Estate Deals […]

Failed to report income on your tax return again? Be prepared for steep penalties

Posted on: October 29th, 2014 by Real Estate Accountants No Comments
Penalties

Did you know that if you forget to report income on your personal tax return in one year and then accidentally repeat in the next 3 years following, the CRA will charge you a penalty of 20%? Yes, that’s right, 20%. How is the penalty determined? This is how it works: If in 2010, 2011 […]

Leaving Canada? Make sure you stay on-side with the Canadian tax man…

Posted on: October 20th, 2014 by Real Estate Accountants No Comments
Canadian emigrating

Are you planning to leave Canada for the foreseeable future? While we will certainly miss you, you do still have some tax filings to complete, and you may have continued tax filing obligations after you leave. We’ve outlined a few of these key decisions and filing requirements below. Would I be considered a non-resident for […]

Making corporate loans for foreign investments? Understanding “deemed interest” charges is key

Posted on: August 13th, 2014 by Real Estate Accountants No Comments
Canadians

This article will be the first in a series related to the Canadian tax implications of Canadians investing in foreign countries, with a particular emphasis on the United States. As the series develops we expect that updates will be made to the previously published articles. Are you making corporate loans for foreign investments? Then, understanding […]

No printing required: How to sign your tax “paperwork” digitally

Posted on: July 7th, 2014 by Real Estate Accountants 1 Comment
Letter to MP, MPP on tax planning proposals

Many of our clients have moved to sending and receiving all of their “paperwork”, such as tax returns, financial statements, and bookkeeping, electronically through our secure client portal. However, we often need signed documents back from you, which allows us to efile returns, for example, or communicate with the Canada Revenue Agency on your behalf. This means the documents need […]

The Smith Manoeuvre: Making “bad” interest “good”

Posted on: July 4th, 2014 by Real Estate Accountants No Comments
Good interest

One of the largest expenses we have tends to be the mortgage on our home. Following traditional rules, we are limited to deducting at best a small percentage of the interest where we use a home office for business purposes. However, using non-traditional planning, we are able to deduct potentially 100% of the interest costs. […]

Vehicle expenses – simplified logbook for deductions? Think again!

Posted on: June 6th, 2014 by Real Estate Accountants 2 Comments
Car

Doing a logbook for all your motor vehicle expenses is hard work. You have to consistently record the trips you make related to your real estate business, such as driving to and from Home Hardware to buy paint supplies or from your business to meet a customer. In 2010, the Canada Revenue Agency introduced a […]