Archive for the ‘news’ Category
Lease or buy a vehicle: What’s the best tax advantage?
We regularly receive somewhat urgent emails from our clients about a car breaking down suddenly. Someone needs to make a decision on whether to lease or buy quickly, but they want to know: what makes sense from a tax perspective? Generally speaking, if you have a personally-owned business, or personally own two or more rental […]
From the Archives: Do Real Estate Investors Need a Family Trust?
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! We often get questions regarding family trusts and their usefulness for our clients, and wanted to pass along an […]
From the archives: 5 tips to reduce taxes for the new year
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! Although it’s April, these tax saving tips apply all year round. It’s not too late to get started! George Dube […]
From the Archives: Tax Time & Joint Ventures: Landmines to Avoid
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 […]
Annual CRA letter campaign – fishing for business and rental losses or employment expenses
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?
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
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 […]
Online with CRA yet? Set up your personal and business accounts
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 […]
How do I find my federal business number?
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 […]
Using employment expenses to get a free raise
How can your employer give you a raise, without spending any money? Ask your employer to fill out a T2200 form – Declarations of Conditions of Employment. With a T2200, you have the ability to deduct employment expenses such as vehicles, assistants, supplies, etc. This means paying less in personal taxes. You’ll need this before […]
