By Don R. Campbell
From Canada's best-selling actual esate writer, Don R. Campbell, and his workforce.
From condo houses to company places of work, an increasing number of Canadians procuring actual property are unwittingly surroundings themselves up for difficulties. genuine property investments and their corresponding tax guidelines are complicated--without figuring out the tax ideas, traders will see how quick probably potential investments can develop into monetary failures. 81 monetary and Tax assistance for the Canadian genuine property Investor bargains sensible recommendation on effectively navigating the tax implications of estate possession, together with tips about a) deductions from source of revenue; b) getting ready for an audit; and c) leveraging specialist support. full of insights and Canadian-specific counsel, there is not any different ebook love it at the market.
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Extra info for 81 Financial and Tax Tips for the Canadian Real Estate Investor. Expert Money-Saving Advice on Accounting and Tax Planning
Recognize that business decisions have tax implications. Tax planning doesn’t start the month before your statement is due. It’s a year-round pursuit. • Is your tax planner willing to talk about the really tough issues, like what might happen if your business partnership changes? He or she can help you structure a business to protect the profit-making assets. • Who can you approach to learn more about investing RRSP money in real estate? Is this a niche your business should pursue? • Who might you approach about investing RRSP funds in real estate?
Do not ask your accountant for specific investment advice. American entrepreneur Warren Buffet is one of the few people who really understands long-term investing — and even he makes some mistakes. Do not expect your accountant to do your due diligence. Your accountant is there to help you with administration set-up, advice or tax issues. He is not trained to be an investor and most times will hedge on answering such questions for fear of lawsuits. 3. Avoid hypothetical questions. Novice investors may think it is a good idea to ask their accountant about all of the possibilities that may come with a particular investment or investment strategy.
TIP #11: COLLECT INFORMATION, NOT STORIES. You are investing real money. Back up your decisions with real information. You don’t ask a medical secretary for medical advice, so don’t count on your golfing buddy for real estate investment advice. When you hear stories about what others are doing, follow the sage advice of Real Estate Investing in Canada and 97 Tips for Real Estate Investors — and Look Behind The Curtain! You want information built on sound principles to build a solid business. Bear these points in mind:• Don’t try and cheat the taxman.
81 Financial and Tax Tips for the Canadian Real Estate Investor. Expert Money-Saving Advice on Accounting and Tax Planning by Don R. Campbell