Once you decide who is the beneficial owner (title is not as important) of a property- and what percentage that person owns (does not have to be 50-50), the only way to switch them is for the person to sell the property So lets say you decide you own 50% and your wife owns 50%. Now you have to...

Most times it is not a good idea to purchase a property in a corporation because of the complexity, costs and having to pay the highest tax rate. There are many posts on this issue so check it out

Bottoms and tops are formed on graphs- which can only be created after the event has happened- invest for the long term based on solid fundamentals and then you do not have to worry about tops and bottoms

It is a complex issue and that is why you are getting confusing answers. The answers depend on the following questions [list type=decimal]What is your current income and your spousesWhat will your and your spouses income when you sell the propertyHow much do you expect to make or lose in...

I do not know the form and line numbers- I just know the rules

The rules with interest are "direct use". Which means follow the trail of money and see how it is used. If it is used for investment, then the interest is deductible. If it is used to buy another principal residence, then it is not deductible. One need to pay careful attention to the "direct...

It is true that there are pros and cons of each tax. Overall for the business community and investment community- it is a better tax- it will help the investment climate where one can put up manufacturing and create jobs. Unfortunately for us that invest in residential properties in Ontario-it...

No it does not- only in the year of acquisition

With multi-family, the best game in town is CMHC. Currently you can get a 5 year for about 3.5%. Their rules are more stringent-but if your property qualifies- it is a good deal. You cannot go variable with these boys. Peoples Trust does a good job in the West. First National does well in...

From a resale perspective -nice to have 2 parking stalls

REIN has been instrumental in moving us to Variable Rate Mortgages. With interest rates coming down, interest expense would come down and your profit would be up. The side effect of more income is more taxes. You will have to consider claiming CCA (or depreciation) to keep your taxes down

The rule is "direct use" That means interest is deductible if the borrowed funds were directly used for investment purposes. Once you sell the investment you cannot deduct the interest any more.

I have posted some articles about choosing an accountant and it is on my website- take a boo at it as it will help

Building repairs are 100% deductible in the year you incur the expense. A repair is defined as the cost to put the property in its orignal condition. Eg- If replace carpet with carpet- it is a repair- if you replace it with Lino- it is an improvement regardless of cost considerations

QUOTE (KimFranz @ Dec 2 2008, 11:28 PM) [A question that I will have for Navaz soon is, "Using an accounting program like QuickBooks, is it better to have each property as a separate company, or to run all the properties under one company, but with different account names?"] - - - - - - - - - -...

You could try and argue capital gains -but then - could you not replace the tenants

QUOTE (UTCVenturesLtd @ Dec 3 2008, 09:24 PM) If i am renting from my corporation and fixing up a property, how long would i have to hold it before i can sell and move onto another project? I want to have capital gains and not be taxed as income. Is there a time frame that is safe to make that...

I hate the thought - love Thomas Beyers thoughts. AS far as politicians making peanuts - NO- just lower salaries -but look at their overall compensation - pension- after 8 years they get full pension- 2/3 of their salary -what is that worth? It is like having someone paying your mortgage off...

I find one bank account per propety is a nice idea- you get a good income and expense snapshot from the bank account - trouble starts when you run short of funds on one property or someone makes a mistake in making deposits or writing cheques- so you need to look at the pros and cons -a right...

You must carry insurance - good idea to get insurance consultants- usually they are ex-insurance adjusters to look at your policy to make sure you have the right coverage - insurance companies make money collecting premiums and not paying claims! i have a tough time reading policies so i like...