7 Must-Read Tax Season Tips for Real Estate Investors

As a real estate investor I'm always focused on optimising all "7 Profit Centres".

"Profit Centre #5" is TAX EFFICIENCY" or minimizing the amount of tax paid. Every penny of cash you don't pay to CRA is profit.

To maximise you're tax efficiency you need a very experienced Real Estate Tax Accountant to advise you about how to structure your properties/corporations to postion your 2016 tax return for the minimum tax payable, and to prepare for your 2017 submission?  

This is great ARTICLE by George E Dube from BDO who works exclusively with real estate investors and lists some questions you should be asking your Tax Accountant before you submit to CRA.

Here are the 7 must-read tax season tips for real estate investors:

1. Principal residence exemption reporting for 2016

2. Review your tax year - what happened to you and your real estate investments last year.

3. Decide: to CCA or not CCA this tax season.

4. Determine repairs vs capital expenditures...deductions now or over time.

5. Condo special assessments...review special tax treatments with your real estate accountant.

6. Get online now...before your tax deadline.

7. Start thinking about the coming year (2017).

Enjoy, collect and protect your profits like a squirrel with a tax degree, and a baseball bat!

Rick Genovese.