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Top 10 Tax Deductions as a Real Estate Investor

Can you believe it’s November already? Our team is preparing for tomorrow’s client only webinar to go through our bookkeeping procedures with clients. It got me thinking, we should reiterate with everyone what real estate investors can deduct against their rental income. Watch today’s video on the top 10 tax deductions you shouldn’t miss as […]

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How to Write-off Medical Expenses as Business Deduction Legitimately

A handful of my self-employed clients recently reached out to ask us about Health Spending Accounts (HSAs).  HSAs are essentially self-insured health plans that allow employers to provide health care benefits to employees’ tax free.  Employers get to deduct the expenses and employees get to enjoy the benefits tax free. If used properly, real estate […]

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Court Case Revealed How to Deduct Rental Losses Legitimately

A few weeks ago, we discussed the CRA criteria to deduct renovation expense – How to Write-off Renovation the Right Way.  Someone comment on social media that the rules are “clear as mud”.  😂😂 I mean, it is a fair comment.  It isn’t simple.  This is why CRA and taxpayers fight with each other in […]

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Top Tips on Turning Primary Residence Mortgage to Tax Deductible Mortgage

Recently, our team has been getting a lot of questions about cash damming and how to turn a non-deductible primary mortgage into a deductible mortgage, also known as smith maneuver. It would be nice to take today’s blog post to talk about how to turn a non-deductible primary mortgage to a tax deducible mortgage.  The […]

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The Quickest and Easiest Way to Understand Interest Deductibility

I recently had a consultation with a prospective client.  She asked me the following question,  “I’m considering turning my current primary residence as a rental.  I’ll use the HELOC that’s already setup on this property and use the funds to purchase my next primary residence.  What is the tax implication?”  According to CRA Income Tax […]

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Smith Manoeuvre: How to Turn Primary Home Mortgage Interest Tax Deductible the RIGHT WAY

A couple of clients recently asked us about Smith Manoeuvre, I would use today’s post to share with you how it’s done and how it can increase your tax deduction.  Step 1:  Get a re-advanceable mortgage on your primary residence/personal used properties The key here is to start with a re-advanceable mortgage.  A re-advanceable mortgage […]

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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 […]