Posts

How to Deduct Real Estate Education Courses and Membership Fees the Right Way

This is an exciting week. Other than the fact that this marks the 3rd last week of tax season this year (woo-hoo!), it is our first time having a booth at Real Estate Investment Network’s Real Estate Strategies Opportunities Solutions (Real…
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Discover 4 Little Known Exceptions to Deducting Repairs & Maintenance Expense and 3 Common Real Life Examples

Before the last blog post about the Federal budget update, we discussed the tax difference between repairs and capitalized expense. We also discussed the criteria used by CRA to evaluate whether an expense is considered current or capital in…

5 Tips to Help Yourself Keep Proper Records for Canada Revenue Agency

It’s the time of the year again. Tax season is here and we are all busy wrapping our heads around preparing the tax returns. One real estate investor's clients asked me, "would we need to see all the receipts from her?" Some of them are…
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How to deduct full mortgage interest when turning your home into a rental property

Saving money is difficult here in Canada, especially in Ontario. When the government is charging over 50% personal income tax rate, for every dollar you make above the top bracket, you are only left with less than 50 cents to spend. My…
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3 Things You Need to Know About Deducting Your Line of Credit Interest

My real estate investing journey starts with the Toronto townhouse that I bought for myself. It has been fantastic and I couldn’t be more grateful to own this place. Within the first year, I refinanced it to take out sufficient amount to…
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How to Deduct Capital Cost Allowance in the Most Tax Advantageous Way?

I used to be afraid of public speaking. It made me sick just thinking about speaking to a crowd. Last Saturday I spoke at the Rock Star Member Event. There were 600 people in attendance! Amazing crowd as always! I was nervous at the…
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What Everybody Ought to Know about Property Flipping Taxation

I saw this interesting article written by The Vancouver Sun last Friday. It talks about the Canada Revenue Agency’s inability to go after the flippers for unreported income, which could be one of the causes for skyrocketing housing prices…
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5 Ways to Take Money Out From a Corporation

I was doing the regular accounting class for Rock Star members this past Saturday. It was a full house. I presented the updated material incorporating all the tax changes that are happening in 2016 and forward. Specifically, the small…

The Secret of Making this Christmas the Best Ever and How to Effectively Donate Real Estate to Minimize Taxes

Erwin and I, together with a few friends, started the Hamilton Basket Brigade merely a year ago. We started from feeding 37 families last Christmas. We are feeding 200 families this coming Saturday. When the words spread out, we even got…
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How to Shelter Taxes in Canada for Foreign Investors

It’s been a long history that Chinese families like to send their kids away for school for different reasons. My dad grew up in a communist country. Even in a communist system, the families were ranked. The higher the ranking, the more…