Archive for the ‘tax’ Category
Short-term rentals: Top GST/HST questions answered
Short-term rentals have seen a noticeable increase in popularity the last few years. Whether people decide to rent out their homes while on vacation, buy a block of properties to use for AirBnB, or share their cottage on the weekends, the demand for short-term and weekend getaways is ever-present. Plus, there’s often more money to […]
B.C. condo registry: What can property owners expect?
In an effort to address housing affordability in British Columbia, and catch unreported tax revenues in the condo market, the provincial government has introduced a real estate condo registry. The condo registry was created to regulate pre-sale property flipping and help reduce tax evasion in the B.C. real estate market. Our real estate and construction […]
2019 Federal Budget: Impact on real estate and construction
Like many other industries, those in real estate and construction are affected by the 2019 Federal Budget update. A general synopsis of the budget can be found here. Many business owners and investors are aware of the seemingly never-ending series of budget deficits. This is particularly ironic given that government and other organizations encourage Canadians […]
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 […]
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 […]
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 […]
GST/HST New Housing Rebate: 4 things every real estate investor must know
Receiving a GST/HST new housing rebate can mean a substantial chunk of money back in a real estate investors pocket to re-invest. However, the new housing rebate forms and process has some built-in difficulties that can mean the money that should be coming to you will stay firmly in the government’s hands. While the process […]
3 GST/HST areas to navigate when constructing multi-unit residential buildings
GST/HST issues surrounding building multi-unit residential complexes are questions that have a large impact on cash flow and costs. Savvy real estate investors and builders coordinate the intricacies of GST/HST issues with their real estate accountants as a matter of course to avoid surprises. Builders and investors must consider at least three GST/HST areas when constructing a residential […]
Moving real estate to corporate ownership: 7 tips you need to know
The number one question for real estate accountants after “should I incorporate” is “can I move my properties to my company from my personal name?” Moving your personally owned rentals is not a “moving job” that should be undertaken without a great deal of thinking ahead and planning. You must ensure your real estate accountant, lawyer, and […]
