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Can You Deduct Travel Expenses in Canada?
“Can I deduct travel expenses, and if yes, then how?”, Realtors and small business owners often ask this question. Generally speaking, you can deduct expenses that you incur to earn business income/rental income, subject to a bunch of exceptions, as specified in the Income Tax Act. Whether you are eligible to deduct a trip, you […]
What’s the HST Rebate on New Home?
A HST rebate on a new home? Can your client potentially get one? Recently, a realtor asked, “how can builders avoid charging HST on new homes?” Another realtor also reached out to me, asking “the HST implications on buying assignments that are pre-construction homes”. There’s a lot of confusion when it comes down to HST […]
How Realtors Maximize Tax Deductions on Gift Cards
As a Realtor, you may wonder if you can claim tax deductions on gift cards? If yes, then how? Generally speaking, any expenses you incur for the purpose of earning income are tax deductible. Subject to certain limitations as specified by the Income Tax Act, ofcourse. Limitations, such as subsection 67.1(1) of the Income Tax Act, […]
10 Tax Deductions You Can Make As A Realtor
What tax deductions can you make as a Realtor? To understand Realtor Taxes we need to understand how realtors are categorized. Realtors, like many other professionals, can own their businesses or be hired as employees. When you are an independent realtor, you are operating a business. Operating a business means that you are allowed to […]
Why Robert Kiyosaki said everyone needs to know Accounting to achieve Financial Freedom
I have met many real estate investors and real estate agents at various events. Many of them have expressed the frustration that they have over their accountants and bookkeepers for lack of advice on proper ways a real estate investor should do their accounting. Of course, this can be avoided by using a company that […]
‘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 […]