Rental Property

Read more about the article Should You Claim CCA On Your Rental Property?
Business / Investing / Real Estate

Should You Claim CCA On Your Rental Property?

The Income Tax Act allows you to deduct certain expenses directly related to your rental property such as property taxes, interest, insurance, accounting fees, and advertising. While you can’t deduct the full cost of the property itself, you are permitted to claim an amount every year as “capital cost allowance” (CCA). CCA appears to be an attractive way to reduce their…

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June 6, 2012
Read more about the article The Principal Residence Exemption
Personal Finance / Real Estate

The Principal Residence Exemption

When you sell personal use property such as a car, jewelry, or furniture for more than you paid for it, you have to report and pay income tax on the net capital gain. The definition also includes real property, including the principal residence you own. The Income Tax Act provides a principal residence exemption for capital gains on the sale…

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February 23, 2011
Read more about the article Renting Property – A Little Tax Planning Can Go A Long Way
Real Estate

Renting Property – A Little Tax Planning Can Go A Long Way

So you have decided to take the plunge. You have a house and lot picked out. The price is right and it looks like you will have a positive cash flow. Perhaps you even have some renters in the pipeline all ready to move in. But you still have questions about the tax implications. A little tax planning now can…

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November 8, 2009