Using corporations with real estate investments: Flips, RTOs and buy and holds

Posted on: December 8th, 2014 by Real Estate Accountants No Comments

We often get these two fundamental questions from real estate investors: Is it important to have separate corporations for rent to owns (RTOs) and flips vs long-term holds for our real estate investments? What happens if the property changes from one category to another? These questions answered, plus many other questions from the audience for […]

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

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

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

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 […]

Do I have to pay my instalments to CRA?

Posted on: October 1st, 2014 by Real Estate Accountants 2 Comments

We are often asked, “Do I have to pay my instalments to CRA?” Usually we get a flurry of these questions after the instalment letters go out  from the CRA containing remittance slips and instalment schedules. (Although our clients also get an instalment schedule in their tax package.) The answers below apply to both personal taxes […]

CPP and 65 – Opting out

Posted on: September 18th, 2014 by Real Estate Accountants No Comments

A number of Canadians are working well into their retirement. And, if you’re 65, or who employ someone who is 65, you need to be aware of a very specific rule. Although this rule was changed in 2012, we still find clients who are caught off guard by it. Up until 2012, once you turned […]

Hey – what’s this annual filing notice reminder from Corporations Canada?

Posted on: September 9th, 2014 by Real Estate Accountants No Comments

Have you ever received an annual filing notice reminder via email from Corporations Canada? If you have a federally incorporated company, you should definitely receive this at least once a year. But, frequently we get questions from our clients about this annual filing email or letter. Often, people wonder, “Hey, I thought you guys had already […]

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

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

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

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

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. […]