Archive for the ‘real estate’ Category
Home office expenses: What can I deduct?
“I have heard from my real estate investor friends that I can deduct part of my home as home office expenses. What’s the real story behind this?” This is a common question from our clients. Generally speaking home office expenses are deductible if you can demonstrate that they directly relate to the rental operation. The […]
JVs and Capital Gains: Getting down to the nitty gritty
Note: A version of this article was originally published on georgeEdube.com. Question: I am currently working on my first JV partnership and have a question regarding Capital Gains. In this instance my JV partner is making the down payment and will solely be on the title and mortgage. In your experience, what is typically done regarding […]
Q&A: How do I record the equity value in my real estate in my bookkeeping?
Q: How do I record the equity value in my real estate in my bookkeeping? I paid $200,000 10 years ago and now the market value is double that amount but there is nothing in my books to indicate this value. I’d like my bookkeeping to reflect the true market value of my properties. A: […]
Q&A: How do I minimize taxes when I pull out RRSP money to purchase real estate?
Do you guys have any suggestions on how to pull out some RRSP funds and minimize the tax impact? Looking to pull out some funds to buy real estate in the US… Answer: On the question of RRSP withdrawals, it’s not so much that you’re going to reduce any taxes, but whether or not there […]
Should I register for GST/HST?
The “should I register for GST/HST” question is a common one we get from our clients, which normally goes like this: I have received forms from CRA for GST/HST registration, I am not sure if I should register a GST/HST number for a parent corporation and a real estate holding company. There is no income […]
What Non-Residents Should Know about Selling Canadian Real Estate: Part 2
In Part 1 of this article, we discussed non-residents who own Canadian real estate. In Part 2, we’re going to focus on when non-residents sell Canadian real estate. What are the additional tax issues when the non-resident disposes of a Canadian real estate rental property? Non-residents must apply for a clearance certificate from the Canadian […]
What Non-Residents Should Know About Holding Canadian Real Estate: Part 1
In the last few months, we have received calls and emails from Saudi Arabia, Kenya and Australia, to name a few, from investors who hold Canadian real estate, and need help ensuring they stay onside with Canada Revenue Agency. This article, part 1, covers what non-residents (NR) need to know about holding Canadian real estate. […]
The importance of proper reporting: Raising Capital Interview
Properly reporting to both your investors, and the CRA, is a key aspect of any real estate investment business. Making sure that you are properly handling the accounting and tax issues that arise when dealing in joint ventures is critical to your success. Recently, Russell Westcott, of the Real Estate Investment Network (REIN), sat down with […]
Insiders’ Guide to Real Estate Accounting
Our clients expect us to provide the “insiders’” perspective on real estate accounting issues. We had the good fortune of presenting some of this insider knowledge to a group of investors in Ottawa at the monthly OREIO (Ottawa Real Estate Investors Organization) meeting. The presentation covers: Choosing a real estate accountant When, if ever should I incorporate? New […]
Accounting & tax issues for real estate investors…the video highlights
Andrei Angelkovski, of www.beachinvesting.com, interviewed George on accounting and tax issues for real estate investors for his blog. The interview covered: 1. Should we incorporate or not? 2. What are the top 3 things people think they can expense but cannot? 3. What are 3 tips you would offer real estate investors about accounting and tax? […]
