Most real estate investors understand the importance of having a reliable bookkeeping system to help keep their finances in order. But only some know how to effectively and accurately track the money coming in and going out daily, weekly or monthly. Bookkeeping can be intimidating for novice investors, especially when it involves multiple rental properties…

Today, we are here with the most confusing topic of all time. But worry no more, as today is the day we resolve this confusion by helping you understand the real deal behind real estate taxes vs property taxes and how we debunk this topic. We are going to elaborate it first and then jump…

When you move to a new country, there are always many new things to learn. The tax laws and regulations can be especially confusing, especially if you’re not familiar with the system. That’s why it’s important to consult with an accounting firm or tax expert who can help you get up to speed. In this…

How does CRA select taxpayers to audit? There may be no apparent reason for the Canada Revenue Agency (CRA) to audit a business or individual. A CRA audit can generally only be conducted four years after someone files their tax return. However, some cases, like those involving suspected fraud or misrepresentation, can go even farther…

Many homeowners are confused about the HST tax on a resale home. You have to get some of the background information first to understand the HST for Resale homes completely. The new harmonized sales tax has been made with two taxes: HST with Provincial Sales tax of 8% and the Federal GST tax of 5%.…

Toronto is going to implement a tax on Vacant houses in the city. This tax has been planned to increase the affordability of houses in Toronto. It is observed that the prices of real estate are continuously increasing even during the COVID-19 pandemic. As the affordability crisis worsens in more Ontario regions, rising housing prices…

If you own a rental property in Canada and receive rental income, you will need to complete Form T776, i.e., Statement of Real Estate Rentals. This form will help you calculate your rental income and expenses to be reported in your tax return. There are a few deductible expenses that are associated with your rental…

A PREC is a legal corporation that allows you to receive income and pay the expenses of your real estate business. A PREC is required to submit a separate income tax return to the CRA as it is a separate legal entity apart from the owners. Forming a personal real estate corporation in Canada may…

Property tax raises revenue to fund different municipalities of the local government. Almost 25 percent of the property tax revenue is used to fund education in Ontario. As there are many responsibilities of the municipal finance department, certainly property taxation is one of the most important – not the least. The reason being that it…

Before you decide to buy your home in Canada, you need to ensure that you are aware of all the options available to you and you weight out each option. Your research should be primarily focused on comparing the benefits of Buying Vs. Renting. You should also ensure that you are financially strong enough to…