I started this channel to show everyday hard working Canadians how to create multiple income streams, achieve financial freedom and live life on their own terms while PAYING LESS TAX. Apart from being a Chartered Professional Accountant, I’ve been a real estate investor for over 10 years and a full-time real estate investor accountant for 8 years. I’ve learned a lot from working with Real estate investors, Real estate professionals and business owners all across Canada. I’ll share everything I’ve learned about Canadian taxes in my videos From the most basic tax knowledge to advanced real estate investment strategies, tax savings and everything else in between. My videos will also cover how to structure your investment portfolio so you can minimize taxes and grow your wealth. Sometimes, I’ll also invite some professionals to help explain the more advanced concepts in depth.
Welcome to my channel, and happy Canadian Real estate investing!
Can you apply the same concept to uber/lyft ride sharing for EV. If federal incentive is taken at time of purchase. Maximum is $30000 over 6 years like the Odessy?
Thanks for the forecast! Just a quick off-topic question: My OKX wallet holds some USDT, and I have the seed phrase. (behave today finger ski upon boy assault summer exhaust beauty stereo over). How can I transfer them to Binance?
Questions about buying your property in a corporation... if you guys refinance to get the appreciation out isn't that the corporations money?.... if you buy a property under your personal name and refinance that cash is available to you....
Hello, thanks for the informations. I purchased a pre-con. condominium. The sales of agreement date was 2017, occupancy was 2023 July and closing was Aug 2024. The ownership of the unit is under my daughter, my wife and myself. My daughter moved in to the condo right after occupancy started. She changed her address to new place except auto license because of the auto insurance. The car is under my ownership. I had her auto insurance under my coverage. She comes home time to time stays with us. Could you give me advice please. Thank you so much.
When leaving Canada is it ok to exit while still having debt such as line of credit and CC’s open to pay off a few months down the line. Will it go against me if I do this?
We are in the 3rd scenario where I co-own a property with my parents (who live there as primary residence). On the title, we had registered my parents as owning 49% each and myself as 2%. When they sell, do I pay capital gains on the 2%? (It was funded by their money.) Secondly, we were thinking to remove myself from title because of this bare trust requirement but now that the draft legislation has changed, I am wondering if it is even necessary anymore. Any thoughts to this?
Hi, Its very nice video but i am confuse regarding 90% write off means suppose my one year lease will be 7000$ and my total GST is $17000 then i will have to pay only 10000$ tax to the CRA?
There are lots of RU-vid videos on this topic, and this video is particularly well done. However, like all the others, it focuses on reasons for and methods for avoiding tax residency in Canada. I have the opposite problem and no one is helping! I want to qualify for pension income splitting! How does CRA define residency for that purpose?
@@tayruong5395 hey yay, if it is something specific, I always encourage people to find a professional accountant to discuss your specific situation. If you don’t currently work with one, my team and I can help. Feel free to call us at 416 548 4228 to set something up
@@reggie2261 I don’t believe that there’s a perfect system in the world for all our needs. I appreciate our healthcare system, i also see holes in them. I appreciate the option to choose private health care, but I also see many downside. To people who are considering leaving, healthcare can be one of the many considerations.
For related trust if there are multiple GIC’s and bank account that add up to over 250K you are saying I have to report it even though individually each of the accounts are less than $250k.. is this correct?
HST rebate didn't exist in 2019. So I bought a pre-con in 2019 (closing in Jan 2025), and my APS mentions that HST is included. So do I pay HST at closing? Also, I aim to rent the property post closing, does that make any difference?
My five year plan is to save enough money to buy some land with a manufactured home OR a cheap mobile home on a lot I can fix up , live in Thalian or Costa Rica five or six months of the year and rent out rooms while im gone ...so I dont need more than a visitiors/tourist visa. My income will still be low as I wont be working while living abroad and my mobile home would be my primary residence. Im researching for tax purposes and legal loopholes to pay the least amount as possible.
I double checked the calculation but the calculations in the example seems way off than my results. I've been challenging a lot of people to see when Cash Dam would be beneficial for someone but it doesn't seem to be worth it to implement this misleading strategy. Simply put, the effective interest on HELOC would be 7.45% X (1-40% income tax) = 4.47% which is much higher than mortgage rate of 2.94% in this example. Using Cash Dam, you are converting mortgage into higher interest debt even after accounting for additional tax returns. Amount of Principal reduced @ 2.94% = Amount of Balance increased on HELOC @ 4.47% (you will be paying down principal very slightly more due to reduced interest rate). If the spread between the mortgage rate and the Effective HELOC Rate (Mortgage - HELOC) is less than 0% after additional tax deduction, you are losing money. Another point to highlight is that, although you would be saving initially when spread is negative, once principal mortgage is paid off, then you don't get any more savings on interest rate and still left with huge HELOC balance (with variable rate higher than original mortgage rate) which expose someone to interest rate fluctuation (increase) risk.
Hello thanks for the great video. Had a question on rental property. Let us say I install a new ac unit in a rental property for $8000. Can I not take 20% of that amount spent (1600$) every year for the next 5 years as rental property expense ? Thanks
I am curious that will Canadian citizens be stopped at the border when returning or leaving Canada if they have unsettled or disputed tax debt with CRA?
Hello I have bought the precon like 8 yrs ago and just closed the condo last month. Since then I have two kids and I cant move in. Been renting out the place since occupancy +1 year. If I sell it now (just closed the unut last month).. and I delivered my second baby just this year… would it be considered as business income or capital gain?
Love your videos. So clear and precise. One question I have ..in the case of a Bare Trust, in my case I have a joint account with my daughter, all in fixed deposits and cash, less than $50,000/- so no reporting is required. But, for clarity sake, who would have to report the taxes, my daughter or myself. It is a joint account.
Depends on who funds the account, your daughter's age, and also what your intention is. As an example, if your daughter is under 18, and you're the one funding the account, the return should be reported in your name. On the flips side, if the daughter is over the age of 18, and your intention is to gift the cash to your daughter, she has the money, then the return should be reported by her. And then there are other scenarios as well.. .So again, depends on your particular situation.
After struggling with bad tenants, damage to the property and a host of other issues, plus the tax liability, I sold my investment property. Took the money and locked it up in GICs when the rates went up. No more grief......
It certainly seems very confusing. The bank accounts under 50k seem straight forward but the property in joint names with a value of over $250k and doesn't fall under reporting requirements if you are related parties. I thought they were going after people who were trying to avoid probate.
