Just a clarification note- beneficial ownership simply means -who really owns the property-and I think that is what CRA would really be after. That being said, it is best to have the legal title be the same as the beneficial ownership -will avoid questions from CRA and hassles from a legal...

Principal residence-they have no write offs and the gain/loss in not upon selling is not taxable or deductible Rental income -you are taxed on the net income after all reasonable expenses to maintain and manage the property such as repairs, interest, property taxes, travel etc. If it is a...

This is a sensitive topic. I am starting to see more insurance companies hiring adjusters, lawyers and accountants to reduce the amount of claims paid. If a lawyer hired by your insurance company can find a way to get out of paying a claim, they will use it -so it is important to do what it...

Your primary purpose of investing has to be- to make money in the long term. To make an investment decision based on tax poses various problems -such as losing it all! It might be a good idea to read Don Campbell`s "investing in real estate in Canada"- as it will answer the questions that you pose

Paying by cheque after closing works -watch GST issues- is that plus GST or included?

Is it for commercial or residential? For residential -try looking for some one with a sizeable portfolio of real estate investors and one that understands investors. For residential I use Peter Kinch`s office. For comercial -for CMHC loans- I like People Trust.

I am of a slightly different opinion. Thats what these things are all about. If the beneficial ownership does not change- then I do not believe a true transfer has taken place. So lets say I am on title on a property, but in reality my buddy owns 50% -does it matter who is on title? We have...

Understand that there are no perfect buying or selling opportunities -there are pro`s and cons. In addtion there are cross border taxation issues. Take a look at the fundamentals -is the population growing? are new jobs being created? are people`s earning going up? are companies investing...

That is a great start to the year -when do you plan to start writing offers? -may be include that

Todd is exactly right as long as you qualify for a new loan/mortage -just confirm with your mortgage broker before paying it down

I assume you own a rental property in your own name. Personal taxes are based on your net rental property income-not to be confused with cash flow. Cash flow is what you have described there -there may be other expenses that you have not thought of claiming but have incurred. To your cash...

I have used simply accounting - i find it a bit more finicky- the audit trail is more of a marketing issue -QB also has it. Best to use a program that you are familiar with. The problem I have with most people doing their own books is their knowledge of accounting. It is like driving a car...

Nice post

Congratulations and enjoy the journey called life

Congratulations Kevin -enjoy the holidays and the journey called life

Take a long term approach and start building a credit rating in the US and get a US tax ID nubmer. To build a credit rating -borrow money secured by cash in the bank from a US bank - or try to get a credit card and pay them off quickly

I would add insurance to the list.

Thinking of warm sunshine as I had to cancel my trip to warm Cozumel- but here is a tax angle to it[b]Under the income tax act, all expenses that are reasonable and necessary to earn income are tax deductible. Seminars and conferences at Vacation spots are on CCRA`s radar screen and they do...

nice quote and the question is

You have to treat them as a normal application or you will have the human rights on your case. Watch the normal rules regarding collecting the rent, will they need any modification in the house -who would pay for it, what happens when they move out. If it is backed up by a Government agency...