Home » Posts tagged 'tax deductions'
Tag Archives: tax deductions
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 […]
Harmonized Sales Tax: Calculate HST with The Quick Method
Harmonized Sales Tax (HST) is a combination of federal and provincial sales taxes on goods and services in Canada. Last week, we spoke about how realtors could deduct commission rebate, and some of you asked me about calculating your HST in the first place. So let’s get right into it… As a Realtor, the services […]
How to Deduct Realtor Commission Rebate the Right Way
If you have worked in the real estate industry for a while, you probably know how realtor commission rebates work. However, if you are new to the field, you may be wondering how this rebate works and if you could avail it. How does realtor commission work in Canada? Realtor commission is the payment received […]
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, […]