Hi Cherry, Thank you for the awesome videos. I have a question with respect to RRSP and FHSA. Can I contribute money to RRSP in Jan'24 and withdraw it after 90 days as a First Home Buyer? Can I claim the First Time Home Buyer benefit of 35k after moving into a house? Also, If I have moved into a house, will I be not eligible for FHSA? Do I need to empty my FHSA account before buying my first home? What is the time period to hold the money in FHSA before withdrawing it to buy a home? I would really appreciate your answers
My accountant did not deduct my tax benefits for the renovation I did for my apartment. I own a triplex and live with 2 tenants.. Isn't it possible to declare the repairs and Reno cost I did for my apartment?
It depends on what work you have done - some of them you might be able to deduct, some you might not., Remember, most accountants are on the conservative side - unless you break down the "renovation" part - which is routine maintenance.
Hi Cherry, thanks for putting out such a great video. How would the ev car deductions work, if i use it for personal use as well as for investment property management. Thank you
Hi, Is rental income taxed or a cash or accrual basis ? My tenant is thousands behind in rent and I prefer not to include in income funds not received .
As far as I know, CRA prefers to have it reported as accrual basis. It does allow for cash basis - assuming that there're no significant difference between accrual and cash basis. www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/accounting-methods.html If you have significant difference, it would have to be accrual basis.
@@rupeshchoudhary9237 potentially, if you are considered the first time home buyer. First time home buyer is still yet to be defined, I suspect that it would be extremely similar to the first time home buyer definition within the home buyers plan. For example, if you are separated or divorced, you could potentially be considered a first time home buyer again and you potentially can take advantage of this FHSA account. Another example, if you have not owned a home that you occupied for the last 4 years ...you could potentially meet the definition of first time home buyers again. Currently the requirement hasn't been published officially. Still waiting to see.
Great Video. Appreciate you. What’s the tax credits amount the the $61,000 EV? Can I get my basement done to rent out with separate entrance and claim the $7500 tax credit once it’s over $50,000 cost?
With respect to the basement, the $7500 tax credit is only available if you are renovating for your family members to live in with you....so renting it out to a third party would not qualify you for the tax credit unfortunately. With respect to how much you can deduct regarding the EV, it goes back to the business use % of your vehicle and your tax rate.
If a person rents out their basement (a separate dwelling unit), then when they sell their house: do they need to declare a capital gain on the basement (because it was rented out over many years)? --- T.I.A. and for your excellent content.
Hello, If I get my basement converted into a second unit for my adult son to live in, can I claim the $7500 ? Is that the maximum that can be claimed even if unit costs For e.g. $80000
Would you consider a video on incorporating a holding company in Canada to hold investments? I am accumulating retained earnings but am hesitant to invest within my opco due to fear of liability issues (I work in a higher risk industry as an engineering consultant). I am just trying to calculate when it makes sense to incorporate a holding company with all the additional legal and accounting filing fees. Thanks a bunch for your videos they have been very helpful.
We do quite a few webinars on this particular topic. You're welcome to sign up for our upcoming one... Visit RealEstateTaxTips.ca and join the blog post list and you will be getting invite from us when we host the next incorporation webinar.
THAAAANK YOU!!!! For your time and generosity......giving us so much usable information!!! I love your videos!!!👏👏👏👏👏👏👏💖💝🤑😄
Glad you like it
You are too good and explain so well 👍
Thanks a lot 😊
It's so nice to have Canadian content that is helpful! Thank you!
Glad it was helpful!
Hi Cherry, Thank you for the awesome videos. I have a question with respect to RRSP and FHSA. Can I contribute money to RRSP in Jan'24 and withdraw it after 90 days as a First Home Buyer? Can I claim the First Time Home Buyer benefit of 35k after moving into a house? Also, If I have moved into a house, will I be not eligible for FHSA? Do I need to empty my FHSA account before buying my first home? What is the time period to hold the money in FHSA before withdrawing it to buy a home? I would really appreciate your answers
My accountant did not deduct my tax benefits for the renovation I did for my apartment. I own a triplex and live with 2 tenants.. Isn't it possible to declare the repairs and Reno cost I did for my apartment?
It depends on what work you have done - some of them you might be able to deduct, some you might not.,
Remember, most accountants are on the conservative side - unless you break down the "renovation" part - which is routine maintenance.
Hi Cherry, thanks for putting out such a great video. How would the ev car deductions work, if i use it for personal use as well as for investment property management. Thank you
th-cam.com/video/8PsWQ1NeHgQ/w-d-xo.html
This is a video I did previously on how to deduct automobile expenses.
Kindly let me know how to save Maximum Tax ..
Follow our channel and our blog - the goal is to make sure you are saving as much taxes as possible. All the best
Hi, Is rental income taxed or a cash or accrual basis ? My tenant is thousands behind in rent and I prefer not to include in income funds not received .
As far as I know, CRA prefers to have it reported as accrual basis. It does allow for cash basis - assuming that there're no significant difference between accrual and cash basis.
www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/accounting-methods.html
If you have significant difference, it would have to be accrual basis.
Can I contribute to FHSA if I already made a purchase of my first home. ?
@@rupeshchoudhary9237 potentially, if you are considered the first time home buyer. First time home buyer is still yet to be defined, I suspect that it would be extremely similar to the first time home buyer definition within the home buyers plan.
For example, if you are separated or divorced, you could potentially be considered a first time home buyer again and you potentially can take advantage of this FHSA account. Another example, if you have not owned a home that you occupied for the last 4 years ...you could potentially meet the definition of first time home buyers again.
Currently the requirement hasn't been published officially. Still waiting to see.
Great Video. Appreciate you.
What’s the tax credits amount the the $61,000 EV?
Can I get my basement done to rent out with separate entrance and claim the $7500 tax credit once it’s over $50,000 cost?
With respect to the basement, the $7500 tax credit is only available if you are renovating for your family members to live in with you....so renting it out to a third party would not qualify you for the tax credit unfortunately.
With respect to how much you can deduct regarding the EV, it goes back to the business use % of your vehicle and your tax rate.
If it was a personal safety issue, what would be required to prove this? How would that be handled?
Great question. It's a new law. I would imagine something similar to a police report, complaints to condo corp, etc.
Do we need to file a SEPARATE UHT for EVERY DWELLING UNIT?
We also need to get a handle on "subsection 6(10) of the UHT return".
You would need to file a separate return for every detached unit.
if there's no tax on the first 11000.00 why is tax being deducted then.
The forumla for tax withholing is calculated based on your annual income in total and it gets averaged out.
If a person rents out their basement (a separate dwelling unit), then when they sell their house: do they need to declare a capital gain on the basement (because it was rented out over many years)? --- T.I.A. and for your excellent content.
Depends on how significant the basement is compared to the main part, and whether you did significant renovation for it.
Hello,
If I get my basement converted into a second unit for my adult son to live in, can I claim the $7500 ? Is that the maximum that can be claimed even if unit costs For e.g. $80000
Government makes it seem like 7, 500 is super helpful when you're spending well over 50k, even 100 if you're doing a separate suite.. 🙄🙄🙄
Would you consider a video on incorporating a holding company in Canada to hold investments? I am accumulating retained earnings but am hesitant to invest within my opco due to fear of liability issues (I work in a higher risk industry as an engineering consultant). I am just trying to calculate when it makes sense to incorporate a holding company with all the additional legal and accounting filing fees. Thanks a bunch for your videos they have been very helpful.
We do quite a few webinars on this particular topic. You're welcome to sign up for our upcoming one... Visit RealEstateTaxTips.ca and join the blog post list and you will be getting invite from us when we host the next incorporation webinar.
@@RealEstateTaxTips Fantastic, thank you very much!!
You should monetize your channel as you give very helpful advice.
hahaha, like getting sponsors? Or I should be charging people for membership? ;)