Posts Tagged ‘real estate tax’

Secondary suite income: Principal residence exemption and CMHC rules one year later

Posted on: August 31st, 2016 by Real Estate Accountants No Comments
Building blocks

Now that about a year has passed with CMHC allowing income from secondary suites to be counted for mortgage qualification purposes, as real estate accountants we’re still covering questions regarding this. The most common ones being: Does having a portion of your home rented through a secondary suite void the use of the principal residence […]

Minimizing the tax implications for a seller to get a property deal working

Posted on: August 3rd, 2015 by Real Estate Accountants No Comments
For Sale

How can we minimize the tax implications to a seller of a property in order to make the deal work for them? To start, you can offer to pay the vendor less to save them taxes! Presumably the vendor will not be keen on this idea, so you’ll need a little creativity. Sometimes, creativity will […]

Understanding GST/HST Housing Rebates

Posted on: July 1st, 2015 by Real Estate Accountants 2 Comments
GST/Housing Rebate

GST/HST tax is an area where real property owners and sellers have many questions. “With increased property values, HST is becoming a bigger issue on the sale of real property, including farmland.  See the referenced article for some of the issues to consider when buying or selling real property,” says Scott Merry, CPA, and Senior Manager […]

Non-residents and non-resident joint ventures: Filings and deadlines for owning and selling Canadian real estate

Posted on: May 28th, 2015 by Real Estate Accountants No Comments
Annual filings for non-resident investors in Canada

Given the time of year, June 30th being a major tax filing deadline for non-residents, we wanted to highlight an article from the archives that covers the ins and outs of owning and selling Canadian real estate as a non-resident, or as a real estate investor who has non-resident joint ventures. Many of our clients are […]

Pros and Cons: Property management corporations for real estate investors

Posted on: April 21st, 2015 by Real Estate Accountants No Comments
Property Management Corporations

We often get requests to set up a property management company for our real estate investor clients, even when they only manage properties that they own. Before leaping head first into creating the company, we examine the reasons for the company, and review the pros and cons of setting up the management company. We were […]

The Smith Manoeuvre: Making “bad” interest “good”

Posted on: July 4th, 2014 by Real Estate Accountants No Comments
Good interest

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. […]