Entries by Cherry

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Selling a Property at a Discount to Your Kids Can Cause Double Taxation

It was a fun and interesting week last week.   We originally planned to go up north, and spend some time at our friend’s cottage.  Things changed last minute and we cancelled our trip.  Since I had the entire week blocked off for vacation, I figured it would be nice to keep it off and enjoy […]

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Answered: Your Most Burning Questions About Capital Gain Tax

One of the most common misconceptions is how we calculate capital gain tax on sales of property.  Many real estate investors would estimate their taxes on a cash flow basis: Net sales proceeds – mortgage balance This may be how you calculate how much cash is left in your pocket, but capital gain taxes are […]

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What Every Real Estate Investor Ought to Know About Trust Agreement & Beneficial Ownership

Erwin and I have scheduled date nights weekly.  It’s not easy to commit to these dates regularly.   Putting it in our schedule is one thing, making time for each other and going on a real date is a different thing though.  Stuff happens, last minute client request, kids’ commitment, etc.  I was almost going to […]

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How to Deduct Carrying Cost of Vacant Property the RIGHT way

Last week, I discussed the process of applying for the CEBA loan under the expanded criteria.  I also got a chance to be interviewed by one of the best real estate coaches, best-selling author, Russell Wescott, aka the JV Jedi.   We spoke mostly about the government subsidies programs that are available to real estate agents […]

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Tips on How to Prepare for $40K CEBA Loan Application

Happy belated Canada Day everyone.  Coincidentally, Canada Day is also the changeover anniversary day of my homeland, Hong Kong, from UK to China.  It’s a bitter-sweet day for people who still have ties over there.  On this anniversary day, China imposed a new set of security laws, which “makes secessionist, subversive or terrorist activities illegal…”   […]

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How to Apply for CEBA $40K loan as Real Estate Investors & Real Estate Agents

Our office is finally complete and we’re officially open as of last Thursday.  It isn’t particularly easy the past few months.  Tax season, COVID-19 lock down, to office opening, we’re extremely fortunate to work with an amazing team that supports us through this process.  We won’t be regularly staffing our office until July though. Our […]

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How to Apply for $40K Interest Free Loan as Real Estate Investors and Realtors

It is almost end of the tax season.  We see cherry blossoms everywhere.  Weather is warming up and I hope you guys got to enjoy some sunshine these days.  It feels like it’s the nature’s way to tell us to get out of this pandemic and get back to our normal lives slowly.   Businesses are […]

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A Simple Way To Avoid Capital Gain Tax When Moving to a Rental Property

It has been a few busy weeks here at our little home office.  From following all the latest and greatest COVID-19 government measures, reviewing clients’ tax returns, learning to stock hacking, to managing the office renovation, we have not slowed down a bit.  It hasn’t been easy with the unknown.  I had doubts about renovating […]

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The Hidden Tax Risk In Arranging Payment Plans with Tenant

I have been on a few webinars lately sharing my insights/interpretation of the latest government programs.  There was one question that I thought that would be useful for all my landlord friends out there.   If you offer a payment plans to your tenants, you may be exposing yourselves to these two hidden tax costs.  Tax […]