Category Archives: Uncategorized

Claim These Expenses to Save Taxes​

Posted on by

​Save taxes

Split That Pension

  • Pension Splitting is a tax – planning technique that can only take advantage of at tax – filing time. ​​Save Taxes​

  • It also allows Canadians who received eligible pension income to split up to half of that income with their spouse or common-law partner.​

​​
Save Taxes​Vehicle Expense Deduction​

  • CRA recently announced a new policy regarding the type of records that must be kept to substantiate a deduction for vehicle expenses, or GST/HST input tax credits, where a vehicle is used partly for business and partly for personal purposes. ​

  • Previously, CRA required a detailed record to be kept for each vehicle of all kilometers driven throughout the year. ​

  • The new method involves establishing business use of a vehicle in a base year, then keeping detailed records for only a three-month period in each subsequent year and extrapolating the results (provided subsequent years’ business usage aligns broadly with usage in the base year).​

We are also Canadian private hard money lenders. We can offer you multiple solutions to resolve any situation.We can also do short term small private mortgage if required.

We can HELP!!! We also BUY HOUSES. Please call:

Contact Information

P.S. Success isn’t a matter of chance, it’s a matter of choice. So it’s up to you to make the right choice to become successful. If you don’t know what to do it starts with making the choice to register for this LIVE real estate investors training in your town now and making sure you make the right choice to SHOW UP!!! Learn more to earn more!

Are you a Canadian real estate Investor? Join Canada’s largest real estate investors club now.

 

Capital gains and losses to save taxes

Posted on by

Taxable capital gains

  • Reduce any capital gains by any capital losses incurred in the year.
  • If you still have a capital gain at this point, claim any capital losses from previous years not otherwise deducted.
  • If you have an overall capital loss for the year, consider deducting these losses from any capital gains reported on your prior 3 year’s income tax return or carry them forward until used..

Capital gains and losses to save taxes

 

Capital gains and losses to save taxesBusiness Investment Loss

Unpaid funds loaned to a family corporation may qualify as business investment loss.

You may not even know that you have an existing “shareholder’s loan” unless you have completed your corporation’s final set of financial statements and corporation income tax return.

Capital gains and lossesNon capital losses of other years

Contact the Canada Customs and Revenue Agency and ask for a printout of your carry forward items.

You might have a loss from a prior year that you forgot to claim.

Capital gains and lossesRealize capital losses to offset current year capital gains

If you have realized capital gains in the current year and unrecognized capital losses in other investments, consider disposing of the loss investments prior to the end of the calendar year in order to offset the capital gains.

Capital gains and losses to save taxesRealize capital losses in 2015 to offset capital gains realized in 2012 to 2014

Capital losses can be carried back for three years to recover tax paid on capital gains.

For example, a $100 capital loss in 2015 would trigger a $50 allowable capital loss; if you have no capital gains in 2015, this capital loss could be used to offset a capital gain in any of the three preceding years, from 2012 to 2014.

Defer Capital Gain up to 5 Years

  • Taxable capital gainOn a sale where the vendor takes back the mortgage, they may be eligible to defer some of the taxable capital gain at 20% per year and up to a max of 5 years.

Capital gains and losses to save taxesThe capital loss strategy

It can be used to offset capital gains you realized on other investments that year (and in any of the three previous years), thus reducing your capital gains tax. ​​

Or, you can bank those capital losses to reduce any gains you might realize in the future—a perfect strategy for those who know they’ll be in a higher tax bracket later on, such as a stay-at-home parent who wants to return to work.​

We are also Canadian private hard money lenders. We can offer you multiple solutions to resolve any situation.We can also do short term small private mortgage if required.

We can HELP!!! We also BUY HOUSES. Please call:

Contact Information

P.S. Success isn’t a matter of chance, it’s a matter of choice. So it’s up to you to make the right choice to become successful. If you don’t know what to do it starts with making the choice to register for this LIVE real estate investors training in your town now and making sure you make the right choice to SHOW UP!!! Learn more to earn more!

Are you a Canadian real estate Investor? Join Canada’s largest real estate investors club now.

​​

Tax Savings tips for Home Buyer​

Posted on by

Tax Savings tips for Home Buyer​Home Buyers’ Plan​

You may also be eligible to participate in the Home Buyers’ Plan, a program which allows you to withdraw funds from your registered retirement savings plan to buy or build a qualifying home for yourself or for a related person with a disability. You can withdraw up to $25,000 in a calendar year, and you have up to 15 years to repay the amounts you withdraw. Your first repayment starts the second year after the year you withdrew funds from your RRSPs for the HBP.​

To be eligible to participate in the Home Buyers’ Plan, you must be a first-time home buyer and you must have a written agreement to buy or build a qualifying home for yourself. You are considered a first-time home buyer if, in the four-year period, you did not live in a home that you or your current spouse or common-law partner owned.​

You must intend to live in the qualifying home as your principal place of residence within one year after buying or building it.​
For more tax information for homeowners, go to www.cra.gc.ca/myhome​

Tax Savings tips for Home Buyer​Home Buyers’ Plan For Persons With Disabilities

You do not have to be a first-time home buyer to participate in this plan if you are eligible for the disability tax credit or if you acquired the home for the benefit of a related person who is eligible for the disability tax credit. The purchase must be made to allow the person with the disability to live in a home that is more accessible or better suited to the needs of that person.​

Tax Savings tips for Home Buyer​First Time Home Buyers’ Tax Credit​

If you are disable person or a person related to disable person and buying home for them for the first time then you can apply for the non refundable credit up to $750.​

The Canada Revenue Agency (CRA) Rental Income GuideThe Canada Revenue Agency (CRA) Rental Income Guide

  •  It is a great starting point for any investor looking for plain-English information on rental property taxation. While Canada Revenue Agency (CRA) guides do not hold the same weight as actual tax law, they are based on legislation, case law and the Canada Revenue Agency (CRA) internal policies.​

​

We are also Canadian private hard money lenders. We can offer you multiple solutions to resolve any situation.We can also do short term small private mortgage if required.

We can HELP!!! We also BUY HOUSES. Please call:

Contact Information

P.S. Success isn’t a matter of chance, it’s a matter of choice. So it’s up to you to make the right choice to become successful. If you don’t know what to do it starts with making the choice to register for this LIVE real estate investors training in your town now and making sure you make the right choice to SHOW UP!!! Learn more to earn more!

Are you a Canadian real estate Investor? Join Canada’s largest real estate investors club now.

​

Tax Saving tips for those who Bought a Home in 2015​

Posted on by

Did You Buy a Home in 2015?​

Home buyer’s Credit​

If you are a first-time home buyer, you may be able to claim an amount of $5,000 for the purchase of a qualifying home in 2015.​

To qualify for the home buyers’ amount:​

  • you or your spouse or common-law partner bought a qualifying home; and​
  • you did not live in another home owned by you or your spouse or common-law partner that year or in any of the four preceding years​

Tax Saving tips

Tax Saving tips​You do not have to be a first-time home buyer if:​

  • you are eligible for the disability tax credit; or​
  • you acquired the home for the benefit of a related person who is eligible for the disability tax credit.​

A qualifying home must be registered in your name or your spouse’s or common-law partner’s name according to the applicable land registration system, and must be located in Canada. It includes existing homes such as single-family houses, semi-detached houses, townhouses, mobile homes, condominium units, apartments in duplexes, triplexes, four-plexes, or apartment buildings, and homes under construction.​

We are also Canadian private hard money lenders. We can offer you multiple solutions to resolve any situation.We can also do short term small private mortgage if required.

We can HELP!!! We also BUY HOUSES. Please call:

Contact Information

P.S. Success isn’t a matter of chance, it’s a matter of choice. So it’s up to you to make the right choice to become successful. If you don’t know what to do it starts with making the choice to register for this LIVE real estate investors training in your town now and making sure you make the right choice to SHOW UP!!! Learn more to earn more!

Are you a Canadian real estate Investor? Join Canada’s largest real estate investors club now.

Top 10 Tax Savings Tips for Canadian Real Estate Investors​

Posted on by

Following are Top 10 Tax Savings Tips for Canadian Real Estate Investors​:

  • Don’t exaggerate your home office expenses. This is a red flag for the CRA. There are always exceptions, but a good rule of thumb is a maximum of 25 per cent as the business share of heat, hydro, property taxes and so on. ​

  • Keep a careful log of car expenses. This is another red flag for CRA. ​

  • If you run into trouble or make a mistake, call the CRA. Most times they will be very helpful, especially if you call before the crunch.   ​

  • Whatever you do, don’t ignore communications from the CRA, respond promptly and make notes of your conversation right on the letter for future reference. ​

  • Unless you are incorporated you are required to complete a Statement of Business and Professional Activities (T2125) at he same time as you file your personal taxes. ​

  • Don’t wait until the last minute. It’s impossible to get yourself properly organized under eleventh-hour time pressure and it’s difficult to make good decisions to minimize your taxes. ​

  • Make an estimate of your expected tax bill. If your revenue is going to be high, you might consider making that machinery or computer purchase before year’s end. You’ll defray some of the expense through capital cost depreciation, says Cleo Hamel, senior tax analyst with H & R Block Canada.

  • You should set aside 30 to 40 per cent of your gross income to cover income tax and CPP.   Even if you are the only employee of your business, you are responsible for paying the employee and the employer CPP contributions. ​

  • Keep proper records differentiating business from personal. If you can’t prove it, the CRA will likely assume the expense is personal. Hamel recommends that you slot your expenses into the categories provided by CRA on the T2125. “Whatever you do, don’t have a large ​

We are also Canadian private hard money lenders. We can offer you multiple solutions to resolve any situation.We can also do short term small private mortgage if required.

We can HELP!!! We also BUY HOUSES. Please call:

Contact Information

P.S. Success isn’t a matter of chance, it’s a matter of choice. So it’s up to you to make the right choice to become successful. If you don’t know what to do it starts with making the choice to register for this LIVE real estate investors training in your town now and making sure you make the right choice to SHOW UP!!! Learn more to earn more!

Are you a Canadian real estate Investor? Join Canada’s largest real estate investors club now.