Entries by Cherry

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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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4 Reasons to Consider Before Owning Rental Properties Inside an Active Business

Our office has been flooded with phone calls on realtor incorporation and I completed our very first realtor incorporation webinar last night.   Thanksgiving is just around the corner.  There’s so much to be grateful for, despite part of Ontario is moving back to modified Stage 2 closure.  If you don’t know, according to Harvard Health, […]

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How to Setup Personal Real Estate Corporation (PREC) as Real Estate Agent

October 1 seems to be the day that Ontario Realtors can setup a Personal Real Estate Corporation (PREC) to own their business.  The reality is that the legislation has not been announced.  We’re still waiting.   But this does not mean that you cannot do some prep work to get ready.   In this video, I […]

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How to Report Gain from Property Sale the Right Way Part 2

I just received a couple of emails from clients telling us that they got their CEBA loan approved.   CEBA loan application deadline has been extended to October 31.   It’s always heartwarming to see clients’ messages thanking us for hosting the webinar and sharing what we know from our own application process.  😊  I’m happy to […]

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How to Report Gain from Property Sale the Right Way Part 1

Hope you guys enjoyed the last weekend of August.   It’s hard to believe that we’re already in the middle of September and my kids are expected to go back to school next week.  We managed to spend the last weekend hanging out with friends and their kids.  We rode our bike along Hamilton Beach Trail […]

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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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CEBA Application Deadline Coming Up & Tax Payable Deadline Extended

First and foremost, thank you so much for all your emails about Bruce.  He’s home now and his left cheek goes back to normal. He was admitted to the hospital this past Sunday.  A minor fall caused an infection on his left cheek.  Our family doctor was concerned that the infection can affect his brains […]

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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 […]