Thank you for an informative video Cherry! How does one set up an auto log for their vehicle? Is there a device that has to be installed or do we keep manual logs? And do Tesla vehicles auto log by default?
Haha, I don't own a Tesla yet. Depending on the bookkeeping software that you use, you can enable to automileage tracking function. QBO app for sure has that function. MileIQ can also be used to keep track of your mileage for you.
This video is very informative..I have one question.Can a real estate agent still can write off taxes even if She/He didn’t sold any property that year? Thanks
Good video. How about ITC's when filing GST returns in Alberta? What are the eligible ITC's a realtor can claim every quarter if your filing quarterly. Is it better to use quick method or regular method?
There are some benefits to using the Quick Method. I would recommend you schedule a call with my team to review your situation and make sure that it is right for you.
May I know are the deductions only available for professional realtors, and not for ordinary people say with 1-2 small properties as personal investment, please?
My experience is that brokerage generally ask for HST# when you sign up with them. If they allow you to be unregistered, it goes back to whether you have any other commercial activities earning income or not. If none, you can wait till your income is over $30K small supplier limit before registering... Be sure to check with your accountant relating to all these compliance obligation. If you don't have someone reliable to work with, our team is more than happy to guide you through the process. Feel free to reach out at 416-548-4228.
Great channel Cherry. I just subscribed. I in the process of earning obtaining my real estate license. Can I claim the costs (application fees, courses, exams) on my taxes yet or do I need to register and obtain my license with a brokerage first?
Thanks! So glad you could join my YT family! You can find more information on my "realtortaxtips.ca" website as well. Now, to answer your question. Yes, you can claim your exam fees and course fees as tuition expenses.
If that's the case, you'll still need to keep the original receipt that are paid by the gas giftcard. Similar to all automobile expenses, you would still need the same log book to claim the gas expense.
Hi, I'm looking for more examples of repair vs improvement to have better idea. I've been renting out a house for a year and a microwave and ac unit stopped working, ended up replacing both. One costed couple of hundreds and the other couple of thousands. Can they both be qualified as repair? Just the first one?
Hi Tomasz, thanks for being here. Unfortunately this isn't the right platform where I would be able to advise you about your personalized situation or without knowing the specifics. 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!
Hi Ahmed, I went to Waterloo for 5 years of education and have since worked with various accounting firms. It's irresponsible to show you in a 20 min video on how to prepare your T2 on rental properties because of all the details involved.
Thank you for sharing your knowledge with us, Cherry! This is great
Glad it was helpful!
this is FANTASTIC, thank you!!! As a new agent, this is of tremendous help
Glad it was helpful - you can also refer back to my book as well. I have a book written specifically for real estate agents in Canada
Thanks!
Very informative
Really appreciate 🙏🏽🙏🏽🙏🏽
Glad you find it useful
@@RealEstateTaxTips it is really useful..
Have a nice holidays …
Thank you for an informative video Cherry! How does one set up an auto log for their vehicle? Is there a device that has to be installed or do we keep manual logs? And do Tesla vehicles auto log by default?
Haha, I don't own a Tesla yet. Depending on the bookkeeping software that you use, you can enable to automileage tracking function.
QBO app for sure has that function.
MileIQ can also be used to keep track of your mileage for you.
This video is very informative..I have one question.Can a real estate agent still can write off taxes even if She/He didn’t sold any property that year? Thanks
Is there an app you recommend to keep track of receipts?
Great video. For Cca, how do you determine structure value vs land ? Who is the leading authority on how this is valuated?
An appraisal would do.
Good video. How about ITC's when filing GST returns in Alberta? What are the eligible ITC's a realtor can claim every quarter if your filing quarterly. Is it better to use quick method or regular method?
There are some benefits to using the Quick Method. I would recommend you schedule a call with my team to review your situation and make sure that it is right for you.
May I know are the deductions only available for professional realtors, and not for ordinary people say with 1-2 small properties as personal investment, please?
You have other type of deductions available. We have a video on the top 10 tax deductions for real estate investors
Great video, thank you! As a new realtor should I be getting an hst# for myself before joining a brokerage?
My experience is that brokerage generally ask for HST# when you sign up with them. If they allow you to be unregistered, it goes back to whether you have any other commercial activities earning income or not. If none, you can wait till your income is over $30K small supplier limit before registering... Be sure to check with your accountant relating to all these compliance obligation.
If you don't have someone reliable to work with, our team is more than happy to guide you through the process. Feel free to reach out at 416-548-4228.
@realestatetaxtips
what about life insurance - can that be wrote off thru the PREC?
Life insurance is generally not tax deductible unless it is required by the bank as a collateral
Great channel Cherry. I just subscribed. I in the process of earning obtaining my real estate license. Can I claim the costs (application fees, courses, exams) on my taxes yet or do I need to register and obtain my license with a brokerage first?
Thanks! So glad you could join my YT family! You can find more information on my "realtortaxtips.ca" website as well. Now, to answer your question. Yes, you can claim your exam fees and course fees as tuition expenses.
I usually use buy gift cards for gas stations, instead of using debit or credit at the pump. Will I still be able to deduct the expenses?
If that's the case, you'll still need to keep the original receipt that are paid by the gas giftcard. Similar to all automobile expenses, you would still need the same log book to claim the gas expense.
How do we get the book? The website apparently doesn’t exist ?
Hi Dre, Thanks for reaching out. Please find the link below to the book. Let me know if you still face issues. Thanks!
realtortaxtips.ca/book
Hi, I'm looking for more examples of repair vs improvement to have better idea. I've been renting out a house for a year and a microwave and ac unit stopped working, ended up replacing both. One costed couple of hundreds and the other couple of thousands. Can they both be qualified as repair? Just the first one?
Hi Tomasz, thanks for being here. Unfortunately this isn't the right platform where I would be able to advise you about your personalized situation or without knowing the specifics. 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!
Cherry why dont you tech us how to file t2 for rental properties
Hi Ahmed, I went to Waterloo for 5 years of education and have since worked with various accounting firms. It's irresponsible to show you in a 20 min video on how to prepare your T2 on rental properties because of all the details involved.