Archive for the ‘tax’ 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 […]

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 […]

What Non-Residents Should Know About Holding Canadian Real Estate: Part 1

Posted on: September 19th, 2012 by Real Estate Accountants 2 Comments

In the last few months, we have received calls and emails from Saudi Arabia, Kenya and Australia, to name a few, from investors who hold Canadian real estate, and need help ensuring they stay onside with Canada Revenue Agency. This article, part 1, covers what non-residents (NR) need to know about holding Canadian real estate. […]

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? […]