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Category Archives: CORPORATION
‘Buy Renovate Refinance Rent’ (BRRR) – how to make 1.5M in 2 years
Recently Erwin and I got to take a tour of our friend Monica’s commercial plaza nearby at Bracebridge. If you are familiar with the real estate investment strategy BRRR (Buy Renovate Refinance Rent), that is what she and her husband are doing in this property. She’s had this property for over 2 years now. The property […]
5 REASONS WHY MY AIRBNB DOESN’T GENERATE AS MUCH INCOME AS OTHERS
Airbnb is a great way to earn extra money. It has become some of my clients’ side hustle. A few of my clients become full-time Airbnb operators. We’ve heard how great Airbnb is and I’ve seen some crazy numbers. One of our properties was vacant at the time. Erwin wanted to give it a try. […]
WHY INCORPORATE WHEN YOU CAN INVEST IN RRSP?
You may have already known, I am an accountant. This means that I have to look at numbers all the time. I have always been equipped with two monitors, one from my laptop and one extra monitor. Recently I had the opportunity to upgrade my monitor. I selected the 32” curved monitor from Samsung, a […]
THE HST RISK HIDING IN CONVERTING COMMERCIAL TO RESIDENTIAL UNITS
Do you feel a bit chilly these days? It’s the last week of August and we’re already at the low twenties. Robin, my older kid, is counting down her days to start her Senior Kindergarten year. I hope she would still look forward to starting school when she gets older. Bruce, my son, on the […]
HOW TO HIRE YOUR CHILDREN AND SPLIT INCOME LEGITIMATELY
It has been an exciting week here at my household. Both kids are off to school. Yep, both Robin and Bruce are officially in full-day Kindergarten. We got a letter from his school about Bruce’s class placement. He didn’t get into the class we requested. You’re probably thinking now… Cherry must be one of those […]
THE PROVEN CASH SYSTEM THAT WORKS WITH ALL ENTREPRENEURS
On Wednesday, I got to attend a local Entrepreneur Organization Accelerator training day. Entrepreneur Organization (EO) is a global entrepreneur network that helps small business owners to grow through networking and peer to peer learning. Participants need to have a minimum revenue requirement to join EO. My business isn’t there yet. ? That’s also the […]
4 MOST ASKED QUESTIONS ABOUT TRAVEL EXPENSE ANSWERED!
This week, I’m in the wonderful city of Edmonton. In my line of work, I don’t get to travel very often. We may travel to attend conferences, but rarely we need to leave the comfort of our own home to visit different cities. When I got the invitation to speak to a group of real […]
8 ways to Increase Cash Flow from Real Estate Portfolio
I work exclusively with real estate investors and real estate agents. We all believe that real estate investing is a long-term investment vehicle. Most of us start by refinancing our own home, pull out some equity (borrow against our house), and invest to, for example, increase cash flow. As long as our return on investment […]
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 […]