Archive for the ‘tax’ Category

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 […]

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 […]

Making online payments to CRA…a quick how to

Posted on: December 14th, 2011 by Real Estate Accountants No Comments

People often ask us what options they have for making payments to CRA. If you want to avoid a trip to your local CRA office, one option is to make online payments. There are some restrictions when making online payments. For example, the banks from which you can make the payments are limited. As well, […]

Insiders’ Guide to Real Estate Accounting

Posted on: November 14th, 2011 by Real Estate Accountants No Comments

Our clients expect us to provide the “insiders’” perspective on real estate accounting issues. We had the good fortune of presenting some of this insider knowledge to a group of investors in Ottawa at the monthly OREIO (Ottawa Real Estate Investors Organization) meeting. The presentation covers: Choosing a real estate accountant When, if ever should I incorporate? New […]

Real Estate Investing in the United States: Accounting and Tax issues

Posted on: November 14th, 2011 by Real Estate Accountants No Comments

We are often asked about the main issues that Canadians should consider when investing in the United States. We had the good fortune of presenting some of these issues to a group of investors in Ottawa at the monthly OREIO (Ottawa Real Estate Investors Organization) meeting. The presentation covers: Structure Liability Withholding taxes Income, capital gains and […]

Accounting & tax issues for real estate investors…the video highlights

Posted on: November 10th, 2011 by Real Estate Accountants No Comments

Andrei Angelkovski, of www.beachinvesting.com, interviewed George on accounting and tax issues for real estate investors for his blog. The interview covered: 1. Should we incorporate or not? 2. What are the top 3 things people think they can expense but cannot? 3. What are 3 tips you would offer real estate investors about accounting and tax? […]

Buying a US property? LLP one form of ownership

Posted on: June 27th, 2011 by Peter Cuttini 1 Comment

Over the past few years, we have been seeing more U.S. properties being purchased by Canadians using a Limited Liability Partnership (LLP) structure. The LLP structure can be used to minimize legal liability risks, while allowing preferential tax treatment of a flow-through entity to the individual partners. The partnership must file a 1065 U.S. Return of Partnership […]

Top 10 tips for prepping your personal tax returns – pt 2

Posted on: April 12th, 2011 by Dube & Cuttini No Comments

6. Claim CCA or the principal residence exemption Generally, we like to claim the capital cost allowance (CCA)— the tax equivalent to depreciation—on our properties. This decreases our current year taxes even if we will incur “recapture” when we ultimately sell the property. After all, a dollar today is worth more than a dollar tomorrow. However, if […]

Top 10 tips for prepping your personal tax returns – pt 1

Posted on: April 11th, 2011 by Dube & Cuttini No Comments

1. Get organized. Use a checklist to find all deductions which may be available to you. We have publicly available checklists at www.dubeaccountants.com, including checklists for rental properties, automobile expenses, business activities, home office expenses and, of course, general personal taxes. 2. Maximize interest deductions. Maximizing your interest deductions can take a large bite out of taxes […]