Recent content by George

  1. George

    tax income and investment outside province

    Good evening, Richard is correct if you personally own the property in Alberta. If you own the property in a corporation there are other alternatives.
  2. George

    RE Investor Expenses

    Good evening Wade, I like taking a slightly different approach to the question of what is deductible. Our checklists for example can help identify some areas where a taxpayer may be neglecting opportunities. However, as everyone is slightly different, and particularly where you also have...
  3. George

    Rent to own tax questioh

    Good morning, Based on my review of a large number of RTO agreements I would suggest that the majority are constructed such that the entire payment is income. In contrast, some people believe that the deposit portion of a payment is treated similarly to a normal last-month's rent deposit or...
  4. George

    OHST (Ontario HST) for new homes

    Good evening, There are many variables in the GST/HST calculations. One good source of information is the following guide from Canada Revenue Agency: GST/HST New Residential Rental Property Rebate http://www.cra-arc.gc.ca/E/pub/gp/rc4231/rc4231-e.html The guide provides information and links...
  5. George

    Federal Budget

    Good afternoon Brian, Sorry, I`ve read through the vast majority now but haven`t tackled the Notice of Ways and Means yet. Different references were made in the discussions afterwards about the fact that investors can now earn capital gains tax free, on their $5,000 investment. I`m sure...
  6. George

    Tax Deduction on Purchasing a Vehicle

    QUOTE (Greatful @ Feb 6 2008, 07:25 PM) Anyone? I figured for sure someone around here would know. Good evening, The cap mentioned in your excerpt means that this is the maximum amount of the vehicle cost that is eligible for depreciation. In other words, if the vehicle costs say 40k plus...
  7. George

    Tax Question

    Good afternoon Donna, Setting up a corporation now won`t help significantly, if at all, with respect to the sale on the horizon. The question will end up being what you should do in the future. In determining an appropriate structure for you, I highly recommend talking with an accountant and...
  8. George

    tax structure on inherited property

    QUOTE (terri @ Jan 2 2008, 11:36 PM) Okay, so I posted this in financing so I`m trying again..... I`m helping a friend to decide what the best route would be to go on a house that he just inherited in Markham. He does not live in Markham, has no intention of living in the house, and currently...
  9. George

    Refinancing Rental Propertires

    QUOTE (VaughnandTwila @ Jan 8 2008, 02:03 PM) Could someone please comment if they know how refinancing of a rental property is viewed in Canada Revenue Agency`s eyes. I would like to refinance a property but I am concerned that this may raise a red flag due to the fact that my net positive cash...
  10. George

    Simply Accounting

    QUOTE (GarthChapman @ Jan 6 2008, 02:45 PM) We found Simply Accounting to be more difficult for a lay person to learn to use and less intuitive than Quickbooks. We have used both but are settled on Quickbooks for the last 4 years or so. Good evening, We find that our clients who use QuickBooks...
  11. George

    What would you do?

    Good afternoon, My first suggestion would be to sit down with some advisors you trust who know, or shortly will know, more about your situation before providing their ultimate advice. For example, what I find very interesting is that if I understand your posting, you will have purchased and...
  12. George

    Positive Cash Flow

    Good evening, Cash is King. If its gone, its gone, regardless of exactly what it was spent on. I`m cautious of what some people call cash flow in that if I pay cash of 100% of the asking price, clearly I should have a little cash flow. I think that it is artificial to say that by...
  13. George

    Openning a business/Corporate bank account

    Good evening, I`d like to toss in that you give some consideration to the managers at the particular branch you will be working with. While generally speaking I believe one bank is the same as the next, although admittedly there tend to be cycles in their receptiveness to credit granting, I do...
  14. George

    Info on Stratford, Ontario

    Good evening, While I am certainly not an expert on the area, I do live between Stratford and Kitchener, have an office in both cities, own a couple of properties in Stratford and am treasurer of the Stratford Chamber of Commerce so have enough familiarity to be dangerous. I had to laugh...
  15. George

    Personal properties VS Becoming incorporated

    Good evening, To throw my quick comments in here (I have posted a couple of more lengthy responses previously if you`d like to do a search on the site - one was under something like "confusion about incorporating"). There are a variety of factors that your advisors should discuss with you...