Posts Tagged ‘cra’
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 […]
Joint ventures: 5 tips for real estate investors to stay onside with the tax man
When dealing with joint ventures, as a real estate investor you understand that talking about what really matters, and then having a clear written record, is a key part of the process. Your real estate accountant will also tell you that the words you use to describe your joint venture, and the joint venture agreements […]
10 key lessons for real estate investors on capital vs income when arguing with the CRA: From intention to integrity
Selling a property is an opportunity for you as a real estate investor, but can also be an opportunity for the Canada Revenue Agency (CRA). A recent court case revolving around capital vs. income provides an interesting case study for real estate investors with 10 key lessons, including those on intention, integrity, and reliable records […]
Paying cash – Underground economy crackdown
Cash payments “under the table”? Requests from tenants or tradespeople to accept cash while running your real estate investing business? The underground economy is thriving in Canada, and the Canada Revenue Agency is focusing on what Statistics Canada estimates is 1.3% of Canadian GDP. And, who do you think that they are targeting? Likely industries, […]
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 […]
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 […]
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 […]
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 […]