Posts Tagged ‘real estate tax’
COVID-19: Cash Flow and Incentives for the Real Estate and Construction Industry
Updated May 22, 2020 – The cash flow management and government incentives available for the real estate and construction industry for the COVID-19 crisis can provide relief. Right now, business owners are concerned about safety, cash flow and economic survival. The rules governing these programs, though, are changing regularly. Below, we have provided a summary […]
Personal Real Estate Corporations One Step Closer in Ontario
February 27th was a historic day for realtors in Ontario with the passing of Bill 145, Trust in Real Estate Services Act, 2020. Among many other aspects of the bill, it now allows realtors to incorporate and earn commissions and professional income through personal real estate corporations (PREC). “It’s a game changer,” says Peter Cuttini, […]
Choosing a real estate accountant
When it comes to real estate accounting services, you want the right professionals working with your business to deliver real estate tax knowledge that supports your best interests. While assessing the best fit for a new real estate accountant, it’s important to choose an industry specialist over a generalist. Why? Because those who live and […]
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 […]
Secondary suite income: Principal residence exemption and CMHC rules one year later
Now that about a year has passed with CMHC allowing income from secondary suites to be counted for mortgage qualification purposes, as real estate accountants we’re still covering questions regarding this. The most common ones being: Does having a portion of your home rented through a secondary suite void the use of the principal residence […]
Minimizing the tax implications for a seller to get a property deal working
How can we minimize the tax implications to a seller of a property in order to make the deal work for them? To start, you can offer to pay the vendor less to save them taxes! Presumably the vendor will not be keen on this idea, so you’ll need a little creativity. Sometimes, creativity will […]
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 […]
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 […]
Pros and Cons: Property management corporations for real estate investors
We often get requests to set up a property management company for our real estate investor clients, even when they only manage properties that they own. Before leaping head first into creating the company, we examine the reasons for the company, and review the pros and cons of setting up the management company. We were […]
The Smith Manoeuvre: Making “bad” interest “good”
This article first appeared on georgeEdube.com. One of the largest expenses we have tends to be the mortgage on our home. Following traditional rules, we are limited to deducting at best a small percentage of the interest where we use a home office for business purposes. However, using non-traditional planning, we are able to deduct […]
