Archive for the ‘tax’ Category

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 […]