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Top Tax Tips for Realtors
“What are some of the Top Realtor Tax Deduction Tips?”, is one of the most commonly asked questions I get. A while ago I was a guest on a TREBB (Toronto Regional Real Estate Board) podcast called “Ready to Real Estate”, where I shared some of the top tax tips realtors shouldn’t miss. You can […]
4 Deciding Factors to Help You Choose Between Paying Yourself a Salary or Dividend from PREC
Have you, as a realtor or real estate agent, found yourself with the question, “Should I pay myself a salary or dividend from PREC?” Well, you’re not alone. Many of my realtor clients have been asking which one is better suited to them. Although it’s not a simple one-answer-fits-all kind of question, I may be […]
How to Prepare for the Rising Interest Rate
As realtors, any fluctuation with the Interest Rate can seem very worrisome, wouldn’t you agree? Let’s begin with looking at the the recent realtionship between the ineterest rate and our government. Rising Interest Rate & Canadian Government In the past two years, the Canadian government has done two things to help fellow Canadians get through […]
How Realtors can Calculate Income Tax Payable on Commission Income
PAYABLE ON COMMISSION INCOME Before you learn how to calculate your income tax, you must first understand how the Canadian tax system works. The Canadian personal income tax system is a progressive tax system. This means that the more you make, the more you get taxed on. The chart below shows the marginal tax rates […]
The Question asked by every Realtor: Brokerage or PREC?
As a Realtor is brokerage for you? Or is PREC your best bet? All ambitious realtors planning to take their businesses to the next level struggle with this question. These realtors already have a system running to generate consistent leads. They hire showing/buying/listing realtors and have a team building their empire. And some realtors prefer […]
4 Factors to Decide Paying Yourself Salary vs Dividend from PREC
Now that you setup your PREC, should you pay yourself a salary or a dividend? As we all know, Personal Real Estate Corporation is considered a separate legal entity. PREC can own assets, buy real estate, owe liabilities, sign contract, etc. PREC is essentially a legal person. This also means that the PREC must file […]
Building Your Real Estate Team: What I Learned From Finding A Live-In Nanny
Hello to all you real estate investors and real estate professionals, I hope everyone had a wonderful Thanksgiving with their families this past weekend. Robin and I were at the Rock Star Inner Circle Member Event this past Saturday learning about real estate investing with Fundrise and another 400 + hardcore real estate investors who […]
HOW TO RECORD A PROPER AUTOLOG TO MAXIMIZE AUTOMOBILE EXPENSE DEDUCTIONS
I had an excellent week up north at a friend’s cottage. She recently bought a cottage so that her kids, raised in the city, could get to enjoy the outdoor and not be afraid of bugs and snakes and turtles. ? I got to slack off for a week (sort of) and now I am […]
JUDGE PROVIDES INTERESTING COMMENTS DURING A COURT CASE ON UNREPORTED CONDO SALE
Kids are cute and unpredictable. But they’re kids only once. I am not perfect. I am far from perfect. A client of mine and I were in a self-learning seminar earlier this week. I shared part of my everyday struggle with the group. At the end of the session, she said to me, “I didn’t […]
7 BOOKKEEPING MISTAKES A REAL ESTATE AGENT (AND ALL TAXPAYERS) SHOULD AVOID
Many people asked me how I did it – writing blog posts every single week for the last 3.5 years, accumulating over 150 blog posts today. Trust me, it hasn’t been easy. I look everywhere for materials that can be relevant to my followers, so I can provide valuable information for them. One of my […]