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? […]
Top 10 tips for prepping your personal tax returns – pt 2
6. Claim CCA or the principal residence exemption Generally, we like to claim the capital cost allowance (CCA)— the tax equivalent to depreciation—on our properties. This decreases our current year taxes even if we will incur “recapture” when we ultimately sell the property. After all, a dollar today is worth more than a dollar tomorrow. However, if […]
Top 10 tips for prepping your personal tax returns – pt 1
1. Get organized. Use a checklist to find all deductions which may be available to you. We have publicly available checklists at www.dubeaccountants.com, including checklists for rental properties, automobile expenses, business activities, home office expenses and, of course, general personal taxes. 2. Maximize interest deductions. Maximizing your interest deductions can take a large bite out of taxes […]
Investment and tax plan: make it…then share it
Early in the year, we frequently receive questions about the tax implications of investing, including “How much should I invest in RRSPs?” Unfortunately, many of these decisions are rushed, focused on immediate tax savings but devoid of an overall investment and tax plan. This ultimately costs people unnecessary time and money. We encourage people to […]
Tax reporting for sub-contractors
Tax reporting for sub-contractors, particularly in the construction and real estate industries, is expected to come under greater scrutiny this year by Canada Revenue Agency. The government is trying to cut down on the underground “cash” business, or employees who are claiming to be businesses to claim tax deductions they wouldn’t otherwise be eligible for. […]
Trusts and Related Party Loans
Trusts For our clients who have a trust, this is a reminder that the trust filing deadline is March 31, 2011. Please forward us the accounting documentation for completing the trust’s financial statements and tax return by the end of January. As well, it is absolutely critical that if the trust has any loans to […]
