By Don R. Campbell
From Canada's best-selling actual esate writer, Don R. Campbell, and his group.
From apartment houses to company places of work, a growing number of Canadians procuring genuine property are unwittingly surroundings themselves up for difficulties. genuine property investments and their corresponding tax regulations are complicated--without understanding the tax ideas, traders will see how quick probably plausible investments can turn into monetary mess ups. 81 monetary and Tax information for the Canadian genuine property Investor bargains functional 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 specialist support. packed with insights and Canadian-specific advice, there isn't any different publication love it at the market.
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Additional info for 81 Financial and Tax Tips for the Canadian Real Estate Investor. Expert Money-Saving Advice on Accounting and Tax Planning
Compliance” covers regular preparation and filing services such as tax returns, corporate financial statements, GST, payroll, etc. “Value-added” service is where you ask questions for planning purposes prior to closing a deal. For example: How should I finance this property? I plan to close the deal this way — is that okay? Sophisticated investors know they are responsible for the financial decisions they make. They also know that when you are getting professional advice, it’s important to ask the right questions!
To make that happen, he relates to his accounting professionals as key players on his team. He’s especially pleased when he takes them an idea, like selling Property “X” because he needs an influx of cash, and they get back to him with several scenarios about how that impacts his business and his tax position. Rather than managing the situation after the fact, they are “happy to play the role of a dealer in a poker game where information manages the risks and the strategies. They don’t want to be the one who plays the hand out.
Balance Sheet. This shows what you own and what you owe on a given date, potentially December 31. It lists all properties, often at historical cost; meaning what you paid and your balance of all loans/mortgages. It shows your net equity at cost. 3. Cash Flow Statement: This is not the same as an income statement. You start with your income statement and add back non-cash expenses such as depreciation or Capital Cost Allowance (CCA). Then you deduct the principal portion of loan repayments or include additional loans you obtained.
81 Financial and Tax Tips for the Canadian Real Estate Investor. Expert Money-Saving Advice on Accounting and Tax Planning by Don R. Campbell