Great topic! How would you classify buying a condo (just completed) for your university-age kids, but the developer had already leased out for the school year? I told developer to classify it as a rental but it became hard to collect the HST rebate later when the developer wouldn’t’t give me a copy of the leases. I did ultimately get it by renting part of the condo after the original leases were done … pain in the butt though.
Hi Young, thanks for reaching out! I'm sorry to hear about your situation. Unfortunately this isn't the right platform where I would be able to advise you about your personalized situation. For any questions or consultation, please contact our office at 416-548-4228 or email us at admin@cccpa.ca and we will be sure to take care of you. Thanks!
17:10 so the corporate tax rate is 12.2%. Isn't that the Ontario provincial corporate tax rate, and then isn't there also a federal tax rate on top of that for corporations?
For Canadian Control Private Corporate, CCPC, Federal corporate rate on income other than specified investment business income is 9% and the Ontario rate on the same type of income is 3.2%. General rates are different story though....
Hello Cherry, do you find from your experience that by considering a 75/25 building/land split for CCA would keep people on the right side of CRA? I don’t have an appraisal to get the breakdown for my rental bought last year and I don’t know if CRA will really want me to get one or I can proceed without it with a conservative split like 70-75% for building. Thank you
As long as the split between land and building is the same when you sell, it should not be a problem, especially assuming that the market is going up in value.
You actually are my google map :) love all of your videos and how clear and precise they are , full of great knowledge
Wow, thank you!
Great topic! How would you classify buying a condo (just completed) for your university-age kids, but the developer had already leased out for the school year? I told developer to classify it as a rental but it became hard to collect the HST rebate later when the developer wouldn’t’t give me a copy of the leases. I did ultimately get it by renting part of the condo after the original leases were done … pain in the butt though.
Hi Young, thanks for reaching out! I'm sorry to hear about your situation.
Unfortunately this isn't the right platform where I would be able to advise you about your personalized situation. For any questions or consultation, please contact our office at 416-548-4228 or email us at admin@cccpa.ca and we will be sure to take care of you. Thanks!
17:10 so the corporate tax rate is 12.2%. Isn't that the Ontario provincial corporate tax rate, and then isn't there also a federal tax rate on top of that for corporations?
For Canadian Control Private Corporate, CCPC, Federal corporate rate on income other than specified investment business income is 9% and the Ontario rate on the same type of income is 3.2%.
General rates are different story though....
Hello Cherry, do you find from your experience that by considering a 75/25 building/land split for CCA would keep people on the right side of CRA?
I don’t have an appraisal to get the breakdown for my rental bought last year and I don’t know if CRA will really want me to get one or I can proceed without it with a conservative split like 70-75% for building.
Thank you
As long as the split between land and building is the same when you sell, it should not be a problem, especially assuming that the market is going up in value.
I’m looking for a real estate accountant for my portfolio. Do you know someone that can help?
Hi, please reach out to my team at realestatetaxtips.ca/contact-us/ and we can walk through the next steps. Thanks