Posts

,

How to Pay Yourself and Defer Taxes with Your Income Properties

“Can I charge myself property management fees?” Many Canadian real estate investors have asked me this, or similar questions, before. You know this type of real estate investor. They manage their properties directly. They spend the…
,

Buying Real Estate in the US? Be Aware of All Potential Pitfalls

Erwin and I were very lucky to score a pair of Blue Jays playoff tickets last minute on Monday for the fourth game. For all the time I’ve been in Canada, close to 20 years now, the Blue Jays have never once been in the playoff race. The…

Going From Donating to 6 Families to Starting Up a Private Foundation: Here's How You Can Achieve It!

“Can we afford this?”, that’s the question Erwin and I asked ourselves multiple times. We are going to start a charitable foundation called the Basket Brigade, and the main mandate of this foundation is provide dinners to families who…

Corporations: Why You Should Not Overlook the Flexibility of Having a Corporation

It’s that time of the year again. It’s rainy and it’s getting cold. For accountants, it’s the less busy time of the year. Many of us use this less hectic time at various professional development courses to update ourselves. It…
, ,

Bruce Wayne’s Future Education: Why the 20% “free money” from the government really isn't worth it?!

Hello real estate investors, We have nicknamed our son Bruce, Bruce Wayne (Batman), ever since we found out he’s a boy from the ultrasound. We are so used to this name that we decided to name him Bruce. Too bad we are not parents of…
,

Maximizing the principal residence exemption with your cottage

We are at our annual cottage trip this week enjoying the beautiful Wasaga beach. We are staying at our friends’ cottage nearby. Packing isn’t exactly the easiest thing. When we didn’t have kids, we would often wait until the day of…
,

Purchasing a Vehicle With Your Real Estate Corporation

When we found out we were expecting Bruce, the first thing we did to get prepared was trade in my small sedan for an 8-seat minivan. It is a nice and highly rated van, big enough to accommodate our growing family but also affordable. For…

Be Aware of the Price You Pay for Additional UCCB and other Invisible Taxes

I just got a letter from the government saying that the Universal Child Care Benefits (UCCB) is now increased to $160 per child for children under the age of 6. This is even retroactive to the beginning of this year. So I have had a big fat…
,

Documentation matters when it comes to CRA audit

Starting in 2011, Canada Revenue Agency (CRA) has been going after the New Home HST rebate program for a few years now. Many of the new home buyers intended to move into the new homes, but circumstances change in the few years of construction.…
,

Our Children’s Future Education: Using Real Estate Instead of RESPs

It’s difficult for me to picture how I will be when this blog post is posted. My son, Bruce, will be a week old and I will be exhausted. Last blog post, I discussed how we got ourselves ready for our first baby, Robin. We purchased a house…