Personal Income Tax Archives - Real Estate Tax Tips

The Unfair 2024 Federal Budget

We’ve all heard about the news by now, but below are the summary of how the 2024 Federal Budget affects real estate investors in Canada. Proposed Changes to Capital Gains Inclusion Rates The proposed adjustments to capital gains inclusion rates...

April 18, 2024

LP/GP Unraveled: Tax Efficiency and T5013 Clarifications for Investors

Real estate investment Real Estate Investors Tips Updates

LP/GP Unraveled: Tax Efficiency and T5013 Clarifications for Investors

Investing in Limited Partnerships (LPs) within the LP/GP structure offers unique opportunities and benefits for real estate investors. LPs provide investors with the chance to participate in lucrative ventures while minimizing active management responsibilities. However, navigating the complexities of LP...

April 5, 2024

Your T1 Tax Roadmap: 8 Key Tips for a Smooth Journey

Real estate investment Real Estate Investors Tips Updates

Your T1 Tax Roadmap: 8 Key Tips for a Smooth Journey

Navigating the complexities of tax filing and compliance in real estate investing can be a daunting task. From accurate reporting of rental income and expenses to understanding the implications of property sales and capital cost allowances, there’s a myriad of...

March 28, 2024

Big News for Bare Trusts: CRA’s New Take on T3 Filing Penalties

Real estate investment Real Estate Investors Rental Property Tips Updates

Big News for Bare Trusts: CRA’s New Take on T3 Filing Penalties

You might recall my previous post where we dissected the new reporting rule affecting real estate investors, particularly revolving around the implications of bare trust arrangements and the requirements for T3 trust income tax and information returns. If you missed...

March 21, 2024

To Sell or Not to Sell: Making Smart Decisions about Your Real Estate Investments

Real estate investment Real Estate Investors Rental Property Tips

To Sell or Not to Sell: Making Smart Decisions about Your Real Estate Investments

1. Conducting a Realistic Financial Check – are you having negative cash flow monthly: 2. Consider the Implications of Selling from a cash flow perspective and tax perspective: 3. Utilizing the Proceeds from the Sale: When it comes to utilizing...

March 14, 2024

How To Claim Home Office Expenses (2024 Update)

Life Lessons Other tax issues Small business and real estate Tips Updates

How To Claim Home Office Expenses (2024 Update)

Working from home has become increasingly common, and for many Canadians, it’s here to stay. But what about claiming home office expenses on your taxes? The rules have changed. This blog post and my latest video on YouTube breaks down...

March 8, 2024

Trusts in Real Estate: Lessons from a Key HST Court Case

Life Lessons Other tax issues Small business and real estate Tips Updates

Trusts in Real Estate: Lessons from a Key HST Court Case

Are you familiar with the concept of trust relationships? Trust agreements, trust relationships, and bare trustees describe a legal arrangement where the legal owner of a property (on title) differs from the beneficial owner. Common law generally accepts this relationship,...

February 29, 2024

Navigating the Tax Implications of Owning International Real Estate

Articles Life Lessons Other tax issues Small business and real estate Tips Updates

Navigating the Tax Implications of Owning International Real Estate

When you own properties outside of Canada, it imposes another layer of complexity. Let’s explore the tax implications of owing international real estate. You are responsible for the income tax filing in the country that you earn the rental income. Upon...

February 22, 2024

Departure Tax & Ongoing Tax Filing Obligations

Articles Life Lessons Other tax issues Small business and real estate Tips Updates

Departure Tax & Ongoing Tax Filing Obligations

Last week, we clarified what it means to be a Canadian tax resident and how to determine if someone is a Canadian tax resident based on it’s residency ties. This week we are talking about departure tax & ongoing tax...

February 5, 2024

New Canada Pension Plan (CPP) Changes 2024 Explained

Articles Other tax issues Real estate investment Real Estate Investors Real estate rant Realtors/real estate agents Rental Property Small business and real estate Tips Updates

New Canada Pension Plan (CPP) Changes 2024 Explained

The Canada Pension Plan (CPP), a cornerstone of retirement savings for working Canadians, is undergoing significant changes in 2024. In this blog post, we’ll explore these changes in detail, including the new tier system, contribution calculations, and strategies for maximizing...

February 4, 2024

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Tag: Personal Income Tax