Archive for the ‘tax’ Category
Understanding GST/HST Housing Rebates
GST/HST tax is an area where real property owners and sellers have many questions. “With increased property values, HST is becoming a bigger issue on the sale of real property, including farmland. See the referenced article for some of the issues to consider when buying or selling real property,” says Scott Merry, CPA, and Senior Manager […]
Behind on filing your taxes? Time to make a plan
Over the years, we have fielded many questions and concerns from real estate investors, business owners, and other clients who, sometimes sheepishly, sometimes fearfully, have approached us to say that they are behind on their tax filings. I always start this conversation with “You are not the only one”. Approximately once a month we have […]
Non-residents and non-resident joint ventures: Filings and deadlines for owning and selling Canadian real estate
Given the time of year, June 30th being a major tax filing deadline for non-residents, we wanted to highlight an article from the archives that covers the ins and outs of owning and selling Canadian real estate as a non-resident, or as a real estate investor who has non-resident joint ventures. Many of our clients are […]
CRA Liason Officer Program – An audit in sheep’s clothing?
In 2014 the Minister of National Revenue announced The Liaison Officer Initiative. The CRA will provide in-person information to small and medium enterprises at key points in their business cycle to help them get “right from the start”. Sound innocuous enough right? In fact, it sounds wonderfully helpful. Maybe not. Now that the initiative is rolling […]
Resolution to purge the paper?
One of our frequently asked questions is “when can I get rid of all this paper?” Great questions, and one where you need to know the rules before getting into trouble with CRA. We were pleased to be featured in the Real Estate Investment Network’s January REIN Real Estate Report, where we answered this very […]
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, […]
Rev N You with Real Estate: Joint Venture Real Estate Deals with International Investors
George Dube was recently asked by Julie Broad of Rev N You with Real Estate to answer the question of: What advice you have for doing a JV on a property in Canada with people who do not live in Canada (aka working with international investors)? The answers may surprise you: Joint Venture Real Estate Deals […]
Failed to report income on your tax return again? Be prepared for steep penalties
Did you know that if you forget to report income on your personal tax return in one year and then accidentally repeat in the next 3 years following, the CRA will charge you a penalty of 20%? Yes, that’s right, 20%. How is the penalty determined? This is how it works: If in 2010, 2011 […]
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 […]
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 […]
