Posts Tagged ‘cra’

GST/HST New Housing Rebate: 4 things every real estate investor must know

Posted on: October 27th, 2016 by Real Estate Accountants No Comments

Receiving a GST/HST new housing rebate can mean a substantial chunk of money back in a real estate investors pocket to re-invest. However, the new housing rebate forms and process has some built-in difficulties that can mean the money that should be coming to you will stay firmly in the government’s hands. While the process […]

Joint ventures: 5 tips for real estate investors to stay onside with the tax man

Posted on: April 26th, 2016 by Real Estate Accountants No Comments

When dealing with joint ventures, as a real estate investor you understand that talking about what really matters, and then having a clear written record, is a key part of the process. Your real estate accountant will also tell you that the words you use to describe your joint venture, and the joint venture agreements […]

10 key lessons for real estate investors on capital vs income when arguing with the CRA: From intention to integrity

Posted on: March 26th, 2016 by Real Estate Accountants No Comments

Selling a property is an opportunity for you as a real estate investor, but can also be an opportunity for the Canada Revenue Agency (CRA). A recent court case revolving around capital vs. income provides an interesting case study for real estate investors with 10 key lessons, including those on intention, integrity, and reliable records […]

Paying cash – Underground economy crackdown

Posted on: December 7th, 2015 by Real Estate Accountants No Comments

Cash payments “under the table”? Requests from tenants or tradespeople to accept cash while running your real estate investing business? The underground economy is thriving in Canada, and the Canada Revenue Agency is focusing on what Statistics Canada estimates is 1.3% of Canadian GDP. And, who do you think that they are targeting? Likely industries, […]

Behind on filing your taxes? Time to make a plan

Posted on: June 3rd, 2015 by Real Estate Accountants No Comments

Over the years, we have fielded many questions and concerns from real estate investors, business owners, and other clients who, sometimes sheepishly, sometimes fearfully, have approached us to say that they are behind on their tax filings. I always start this conversation with “You are not the only one”. Approximately once a month we have […]

CRA Liason Officer Program – An audit in sheep’s clothing?

Posted on: May 19th, 2015 by Real Estate Accountants 1 Comment

In 2014 the Minister of National Revenue announced The Liaison Officer Initiative. The CRA will provide in-person information to small and medium enterprises at key points in their business cycle to help them get “right from the start”. Sound innocuous enough right? In fact, it sounds wonderfully helpful. Maybe not. Now that the initiative is rolling […]

Resolution to purge the paper?

Posted on: March 22nd, 2015 by Real Estate Accountants No Comments

One of our frequently asked questions is “when can I get rid of all this paper?” Great questions, and one where you need to know the rules before getting into trouble with CRA. We were pleased to be featured in the Real Estate Investment Network’s January REIN Real Estate Report, where we answered this very […]

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 […]

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 […]