By Don R. Campbell
From Canada's best-selling actual esate writer, Don R. Campbell, and his staff.
From condo houses to enterprise places of work, an increasing number of Canadians purchasing actual property are unwittingly surroundings themselves up for difficulties. genuine property investments and their corresponding tax rules are complicated--without realizing the tax ideas, traders will see how fast likely potential investments can turn into monetary mess ups. 81 monetary and Tax suggestions for the Canadian actual property Investor deals useful recommendation on effectively navigating the tax implications of estate possession, together with pointers on a) deductions from source of revenue; b) getting ready for an audit; and c) leveraging specialist aid. full of insights and Canadian-specific counsel, there is no different ebook love it at the market.
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Extra resources for 81 Financial and Tax Tips for the Canadian Real Estate Investor. Expert Money-Saving Advice on Accounting and Tax Planning
TIP # 72: FIGURE OUT HOW TO MAKE THE MORTGAGE ON YOUR HOME TAX DEDUCTIBLE. TIP #73: DIFFERENT GST RULES MAY APPLY. NEW RESIDENTIAL RENTAL REBATE APPLICATION GUIDELINES TIP #74: UNDERSTAND HOW A FAMILY TRUST IS TAXED. TIP #75: THERE ARE THREE PRIMARY REASONS TO CREATE A FAMILY TRUST. TIP #76: A FAMILY TRUST LETS MINORS BENEFIT FROM THE OWNERSHIP OF ASSETS THEY ... TIP #77: THERE ARE FOREIGN AND DOMESTIC TAX IMPLICATIONS TO BUYING FOREIGN REAL ESTATE. TIP #78: IF YOU PLAN TO LEAVE CANADA, BECOME A NON-RESIDENT FOR TAX PURPOSES.
Don’t just read them, understand them. TIP #7: CHOOSE AND USE A RECORD-KEEPING SYSTEM. The best way to know if you’re making money is to keep track of it! Real estate investment offers lots of different ways to make money. Among other things, you can upgrade properties for resale, buy-and-hold rental units for cash flow and long-term appreciation, or hookup with co-venturers who put your money to work in real estate, or help you buy more properties for a mutual long-term gain. Part 3 of this book gets into the nitty-gritty of financial records.
Investors may provide a loan, invest into special or common shares in a company, have the company act as a “bare trustee” or have the company own a portion of the property on behalf of its shareholders while another portion of the property is owned by an independent individual or entity. Each option may provide or limit various tax advantages. • Tax-withholding requirements related to non-resident owners may also come into play. TIP #15: YOUR HOME IS YOUR CASTLE. Your principal residence is the only real estate transaction that is tax free during your lifetime.