By Don R. Campbell
From Canada's best-selling actual esate writer, Don R. Campbell, and his workforce.
From condo homes to company places of work, progressively more Canadians purchasing actual property are unwittingly surroundings themselves up for difficulties. genuine property investments and their corresponding tax guidelines are complicated--without understanding the tax ideas, traders will see how speedy probably possible investments can develop into monetary mess ups. 81 monetary and Tax assistance for the Canadian genuine property Investor bargains useful 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 counsel, there is no different booklet love it at the market.
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Additional resources for 81 Financial and Tax Tips for the Canadian Real Estate Investor. Expert Money-Saving Advice on Accounting and Tax Planning
It enables you to record rental income and tracks what you spend. At the end of the year, you can print a report and use it, with very little adjustment, to file your taxes. com. You will need the latest copy of QuickBooks before you put the template to work. RED FLAG Use the QuickBooks Closing Date Feature and you avoid corrupting tax data. If you enter transactions for 2009 but key in 2008 by mistake, your data for 2008 will be corrupted and your data for 2008 and 2009 will be wrong! TIP #9: KNOW WHEN TO TRANSITION FROM DIY TO BOOKKEEPER AND ACCOUNTANT.
Now get on with running a profitable business. Way too many novice real estate investors get caught in a trap that links tax-avoidance strategies with business success. A wise investor turns her back on that approach and knows exactly where she wants to park her business bus: Since wealthy people pay large sums of money in taxes and poor people pay very little, you will want to focus on running a business that makes money. Parts 5 and 6 of this book will guide the reader through the Canadian tax system.
If your property’s value is going up, you can use that information to profit from your money — and the bank’s. Again, numbers must be current! SOPHISTICATED INVESTOR TIP How to get value from your accountant by Navaz Murji, CGA Accountants provide two kinds of service: compliance and value-added. “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.