Archive for the ‘news’ Category
Analyzing your Financial Statements
Analyzing the numbers is a key skill if you’re a business owner, and real estate investors are no different. Learning how to read the numbers on your financial statements, and apply those to business decisions, is the focus of our article in the Real Estate Investment Network’s February REIN Real Estate Report. Read the full article here: […]
Internet income – time to start reporting
Corporations and self-employed individuals are now required to disclose any internet business to the CRA. This disclosure requirement was first introduced for the 2013 tax year however, the CRA revised the filing deadlines after the initial release of the form. For corporations, you are now required to include Schedule 88 with your corporate tax return […]
Capital Gains during the year? Consider selling losing stocks to offset the gains
Have you experienced a large capital gain in 2014? Sold some property, or some good, non-registered investments? If you can sell some poor-performing stocks before the end of 2014, it is possible to offset the gains with the losses. And, even better, the losses can then be carried back for three years against capital gains, […]
Using corporations with real estate investments: Flips, RTOs and buy and holds
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 […]
Leaving Canada? Make sure you stay on-side with the Canadian tax man…
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 […]
Hey – what’s this annual filing notice reminder from Corporations Canada?
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
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 […]
The Smith Manoeuvre: Making “bad” interest “good”
This article first appeared on georgeEdube.com. 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 […]
Vehicle expenses – simplified logbook for deductions? Think again!
Note: This article originally appeared on georgeEdube.com. Doing a logbook for all your motor vehicle expenses is hard work. You have to consistently record the trips you make related to your real estate business, such as driving to and from Home Hardware to buy paint supplies or from your business to meet a customer. In […]
Should I buy my vehicle personally or in my company?
It’s safe to say that I get this question about three times each month from our clients: “What makes sense from a tax perspective? Buying a car personally or in my company?” In the vast majority of cases, it’s better to buy a vehicle personally, then charge the company for your business use, by the kilometre. (For […]
