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Avoid this Major Tax Landmine When You Setup Your PREC

One of our business core values is to Always Do the Right Thing.  Core value is like the guiding principle in both my business and personal life.  When I am in a difficult situation, I always go back to the basics, which is…
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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…
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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,…
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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…
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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’…
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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…
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4 Reasons Why You Should Set Up a Will Now to Protect Your Love Ones

Life is all about perspective.  Yesterday, I got 4 back to back calls from my tenant in Toronto, while I was having my best round at golf this year.  The last time I got 4 back to back calls from this tenant, it was about how…
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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…
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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…
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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…