From the Archives: Tax Time & Joint Ventures: Landmines to Avoid

Posted on: March 28th, 2014 by Real Estate Accountants No Comments

During tax season, we wanted to publish some blogs from other sites, and from our archives that our clients may find useful. We’re heads down on taxes, but wanted to keep the information flowing for you! George Dube was featured on The Real Estate Insider blog for REIN at tax time last year and we […]

Q&A: How do we report joint venture activities?

Posted on: March 20th, 2014 by Real Estate Accountants 2 Comments

Q: I have a property that is owned with a JV partner. She put in the 20% down payment and qualified for the mortgage, and I run the investment. We then split everything 50/50 moving forwards. My partner holds her side of the partnership in a corporation, and I have my own corporation holding my interests. […]

Cross-border shopping: 7 tax tips for US investors

Posted on: March 12th, 2014 by Real Estate Accountants No Comments

Peter Cuttini was recently featured in a blog post on REIN’s The Real Estate Insider Blog. In case you didn’t see it, you can check out the article here: If you do have questions about taxes for US investing, you can contact Peter at

Annual CRA letter campaign – fishing for business and rental losses or employment expenses

Posted on: March 5th, 2014 by Real Estate Accountants 1 Comment

For the fifth year in a row, the CRA is conducting what it calls a “letter campaign”. We often refer to it with our clients as a “fishing” expedition. At the beginning of the year, the CRA sends about about 33,000 letters to randomly selected taxpayers who claim business or rental losses or are employees […]

Q&A: Long-term holds vs rent-to-owns: inactive vs. active income?

Posted on: February 27th, 2014 by Real Estate Accountants 2 Comments

Q.  We currently own 6 revenue properties, and over the last 6 years we have sold 5 revenue properties. We have always been buy and hold. We are considering entering into a Rent-to-Own agreement and I understand it will be taxed as active business income. It would be a one year or two year term. […]

Beware late filing penalties with the IRS

Posted on: February 26th, 2014 by Real Estate Accountants No Comments

In the past year, we have seen a significant increase in late filing penalties being assessed by the IRS. Both the number and size of the penalties are of concern. In fact, these late filing penalties are now being assessed even for failure to file information forms on a timely basis. In other words, no […]

Federal Budget 2014 – What it means for you

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

As the federal government has been indicating for some time, the 2014 federal budget was relatively boring as budgets go. Really, it was meant to show the economic management prowess the government possesses. But, next year’s election year budget will be the one to really watch. Balanced budgets…and debt reduction? While quite happy to see […]

Online with CRA yet? Set up your personal and business accounts

Posted on: February 10th, 2014 by Real Estate Accountants No Comments

Canada Revenue Agency is providing access to more and more services online, and, given the recent closings of a variety of in-person desk-services at office across the country, they are expecting all of us to “get with the times” and get online too. The best part is that these online services make it convenient to […]

To err is human…even for the CRA and IRS

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

We all make mistakes, and this applies equally to the Canada Revenue Agency and the Internal Revenue Service for the United States. But often when taxpayers get a letter or call from the CRA or the IRS, they assume that “the government must be right”. This is definitely not the case. We have had to […]

How do I find my federal business number?

Posted on: January 22nd, 2014 by Real Estate Accountants No Comments

To file any corporate tax returns or other correspondence with the CRA, you need a federal business number (or BN). When you incorporate a company, the government will automatically mail this to you. However, if you need a business number sooner, you can call CRA (1-800-959-5525) and ask for it. (As a tip when you call this […]