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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 […]
Real Estate Investment Tips for Canadian Investors
I’ve learned a few real estate investment tips from my mum that I would like to share with you, whether you’re working in property development finance in Melbourne, or if you’re based up here in chilly Canada! My mom is my superhero. She’s inspired me to be a real estate investor and entrepreneur. Thanks to […]
5 Lessons learned from $600 million unpaid Real Estate taxes
Canada Revenue Agency recently released its latest statistics on their effort cracking down on unreported tax liability in the real estate sector (unpaid real estate taxes). We have been following this data since 2015 when it was first introduced. I figured that it’s a good time to remind all real estate investors, flippers, land developers […]
Setting up a new Corporation? Take these 7 steps
Setting up a new corporation has many benefits but can also be complicated. Here are 7 steps you need to take to simplify this process. 1. Open a bank account: A corporation is a separate legal entity. When you conduct business in your corporation’s name, the corporation earns money, not you personally. If you receive […]
Taxation of Rental income: How to pay 13.5% Small Business Tax
Taxation of Rental income is not the same as how regular income is taxed. But before I go into more details, did you see this headline – “Liberal government writes off $1.1B US loan, plus interest, docs show” on MSN.com? Federal government wrote off a loan made to Chrysler during the 2009 global economic meltdown. […]
Reporting losses from Rental business? These are the dangers…
There are many dangers of reporting losses from the rental business… I’ll explain with this story. A couple of years back, I advised a real estate investor not to take the entire apartment renovation as a one-time deduction. The renovation was done in between tenancies. He didn’t put much improvement except giving the unit a […]