CRA Audit: Real Estate Compliance Tips & Tricks!
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- เผยแพร่เมื่อ 16 มี.ค. 2022
- Are you, as a real estate investor wondering, what can you do to prevent yourself from the risk of being a target of a CRA Audit?
Non-compliance can be a real concern for any real estate investor, especially if you become a victim of targeted audits. Let’s look into what activities get you on that list, and what you can do as a real estate investor to protect yourself.
In today’s video, we will talk about non-compliance when it comes to GST/HST on New Housing Rebate and New Residential Rental Property Rebate. We will also look into income tax, property sales and Capital Gains tax, HST on the sale of your property and much more!
If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible.
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DISCLAIMER:
Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your own legal and tax advisors to ensure you get the best advice personalized for you.
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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!
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.
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....
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