Archive for the ‘news’ Category
U.S. tax reform & real estate: Tips for Canadian investors
Given the U.S. tax reform in 2018, we’ve been providing extensive advice on U.S. purchases being made by Canadian real estate investors. Indeed, they are by far the largest investors into U.S. real estate, contributing roughly USD$20 billion per year. So they must ensure they’re properly navigating the U.S. Tax Reform changes to protect these […]
Real estate audits – CRA renews its focus on the industry
We have been warning for many years now that the Canada Revenue Agency (CRA) has been placing a renewed focus on real estate audits. These real estate audits can cover real estate investors, realtors, developers, and contractors, among others, across the country. This is resulting in a significant uptick in taxes and penalties for those […]
Limited Partnerships: GST/HST Changes Proposed
Is a limited partnership part of your real estate business structure? If so, changes may be coming to your GST/HST obligations. The 2018 Federal Budget will impact GST/HST and its application on limited partnerships (LP) that are now defined to be “investment limited partnerships”. Investment limited partnerships, or ILPs, are a newly defined entity. Last […]
Should I Incorporate My Real Estate Business? 5 factors
Our most popular question when talking with real estate investors is “Should I incorporate?” Our most popular answer as real estate accountants is “It depends!” What factors influence the ultimate decision to incorporate your real estate business? We have reached back into our archives to walk though the five key decision points in making the […]
Tax season: 7 critical issues for real estate investors and business owners
As a business owner and/or real estate investor, what should your business and real estate accountant be advising you about for the 2017 tax season, and the coming of 2018? With big changes in 2017/2018 with the corporate tax changes being implemented by the Federal Government, including those on income splitting, these critical issues for […]
GST/HST Pitfalls of Buying Real Estate “In Trust”
Who pays the GST/HST can be tricky to answer on real estate purchases, especially when done “In Trust” for another corporation. A recent court case, 2252493 Ontario Limited vs the Queen, provided some direction on this situation, and an expensive lesson learned for the vendor of the property. Background on buying “In Trust” case The […]
Ontario’s Fair Housing Plan – Round-Up
Ontario’s Fair Housing Plan, and its potential impacts on real estate markets not only in the GTA but across Canada, has been dominating the conversations of real estate and construction industry members. We have pulled together a series of articles from BDO Canada around these topics to provide overview and opinion on the latest developments, […]
Saskatchewan PST now applies to property services
In March, the Saskatchewan government delivered its 2017 Provincial Budget which increased the rate of Provincial Sales Tax (PST) from 5% to 6%. However, more importantly there was a fundamental change in the way Saskatchewan PST will apply to services related to real property. Effective April 1, 2017, the PST applies to services to real […]
7 must-read tax season tips for real estate investors
As a real estate investor, what should your real estate accountant be advising you about for the 2016 tax season, and the coming of 2017? We previously published this post last year, but with changes that have occurred in 2016, we thought it was worth reviewing, and updating with the latest information. 1) NEW for 2016: Principal […]
Principal residence exemption & your 2016 taxes
In October, the Federal Government created some major headlines when they announced changes to the principal residence exemption rules for Canadian taxpayers. The details of the principal residence exemption rule changes were outlined in this BDO Canada article, but as a real estate investor, what do they mean for you? Starting in 2016, anyone who […]
