Home » Articles posted by Cherry Chan (Page 6)
Author Archives: Cherry Chan
The Ugly Truth about Canadian Tax System
The Canadian tax system is based on self-assessment by tax payers. This means taxpayers have to have to complete a tax return each year to report their income and calculate whether they owe tax or will receive a refund. Fraser Institute, an organization based in BC, recently came out with a study that says Canadians […]
CEBA loan for Real Estate Investors and Realtors
Canada Emergency Business Account (CEBA) loan qualification criteria expanded A little background on the CEBA loan: As a refresher, a CEBA loan is the $40K interest-free loan that the government offers to small businesses, provided that it is repaid before the end of 2022. If you repay by Dec 31, 2022, it is not only […]
How to apply for CEBA loan as Real Estate Investors and agents
A few weeks ago, Prime Minister Justin Trudeau announced that he is expanding the criteria to qualify for the $40K Canada Emergency Business Account loan (or CEBA loan). Application for CEBA loan is OPEN Friday, June 19 under the expanded criteria. It is an interest-free loan until 2022. If you repay by December 2022, $10K […]
How to set up a Personal Real Estate Corporation as a Real Estate Agent
Ontario Realtors can now set up a Personal Real Estate Corporation (PREC) to own their business. Unfortunately, it isn’t as simple as opening a corporation, diverting all income to the corporation, shut down the sole proprietorship and then you pay 12.5% and live happily ever after. If you don’t take careful steps, CRA can put […]