By Don R. Campbell
From Canada's best-selling actual esate writer, Don R. Campbell, and his staff.
From condominium houses to enterprise places of work, increasingly more Canadians procuring actual property are unwittingly atmosphere themselves up for difficulties. actual property investments and their corresponding tax regulations are complicated--without understanding the tax ideas, traders will see how fast doubtless achievable investments can turn into monetary mess ups. 81 monetary and Tax suggestions for the Canadian genuine property Investor deals sensible suggestion on effectively navigating the tax implications of estate possession, together with tips about a) deductions from source of revenue; b) getting ready for an audit; and c) leveraging expert aid. choked with insights and Canadian-specific information, there is not any different e-book love it at the market.
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Extra info for 81 Financial and Tax Tips for the Canadian Real Estate Investor. Expert Money-Saving Advice on Accounting and Tax Planning
Here, you could probably argue that you are entitled to claim the principal residence exemption because your circumstances changed. RED FLAG Always bring new accountants up to date on previous decisions! If your accountant doesn’t know the history of your business, he may inadvertently claim capital cost allowance on a property without realizing he has just compromised your exemption on your principal residence. TIP #16: ONCE YOU DECIDE WHO OWNS THE PROPERTY, YOU CAN’T CHANGE IT. Decisions about whose name is on the title go way beyond tax.
IT’S ABOUT THE RULES. When it comes to taxes, it’s good to remember that while politicians and bureaucrats make the rules, it’s your job to know how those rules apply to your business. Politicians and bureaucrats make the rules. They do not necessarily understand (or even anticipate) how they will be interpreted by the Canada Revenue Agency staff and auditors. You do not need to like the rules. But you do need to understand how they affect you and your business, and you do need to follow them. KEY INSIGHT If you’re not an expert on the rules and changes, make sure your advisor is!
Your principal residence is the only real estate transaction that is tax free during your lifetime. Each family unit can only have one principal residence at a time. The fact that we get a tax exemption for a principal residence seems straightforward enough. But this area has been identified by the Canada Revenue Agency as an area prone to abuse by taxpayers. Remember the golf buddy we talked about in Tip #11? The principal residence is a prime example of an area where bad information can cost you.