Archives for February 2013

CRA Audit Targets – Episode #138

Accountants are seeing significant audit actions by the CRA relating to real estate transactions. They are being very aggressive in their audit letters stating that gains are 100% taxable as business income and not capital gains. This is CRA’s starting position with regards to persons owning and selling multiple properties, particularly condos. The CRA is also questioning whether the residence was a principal residence.

In this video, I interview Jordan Weinberg who is a Chartered Accountant and we discuss how investors need to be more cautious now than ever before. The CRA are doing everything in their power to go after taxpayers and reassessing their real estate transactions and leaving the onus on the taxpayer to prove their innocence.

If you have any questions about how to determine whether to claim your real estate transaction as business income or capital gains, please feel free to contact Jordan at 416-515-3857 or through email at Jordan.Weinberg@mnp.ca

The Importance of Bookkeeping – Episode #137

It’s that time of year … Tax Season!! Isn’t it exciting!!

Hopefully we can provide you with a little bit of help here and explain the importance of bookkeeping.

In this video, I interview Jordan Weinberg who is a Chartered Accountant and we discuss why it is important to hire a good bookkeeper…especially for real estate investors.

Not only is it important during tax season, but you will learn that there are many reasons why having good books is important all year round.

If you have any questions about how to find a good bookkeeper or any tax related matters, please feel free to contact Jordan at 416-515-3857 or through email at Jordan.Weinberg@mnp.ca

Leslieville Duplex After Renovation – Episode #136

We are back near Gerrard Street East with Carol Simpson showing you the AFTER Renovations Video. To see the BEFORE Renovations Video please click here: Leslieville Duplex Before Renovation – Episode #125.

There are a few important things that were added to make this a very attractive rental suite:

1. Private Ensuite Laundry
2. Main Floor Powder Room
3. New Laminate Floor
4. Updated Washrooms
5. Updated Lighting

One thing that was added that most people will not appreciate because it is behind the scenes, is new sewer drains were installed. This is very important to prevent leaks, sewer back ups, and bad odours.

If you have any questions about how these renovations affect the rental values as well as the property values, please feel free to contact me 416-885-2010.