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Index
Praise
Also by Don R. Campbell
Title Page
Copyright Page
Introduction
IT’S NOT HOW MUCH YOU MAKE — IT’S HOW MUCH YOU KEEP — THAT MATTERS
THIS KNOWLEDGE IS YOUR RESPONSIBILITY — NOT YOUR ACCOUNTANT’S
NO THEORY, JUST REAL LIFE
PART 1
TIP #1: THE TRUTH ABOUT DEATH AND TAXES.
TIP #2: ASSEMBLE YOUR TEAM.
TIP #3: HIRE A QUALIFIED ACCOUNTANT
TIP #4: GET TO KNOW HOW THE PROCESS OF AN ACCOUNTING PRACTICE WORKS.
WHY DOES IT COST SO MUCH?
TIP #5: THERE ARE QUESTIONS YOU SHOULD NOT ASK YOUR ACCOUNTANT.
TIP #6: LEARN TO READ FINANCIAL STATEMENTS.
TIP #7: CHOOSE AND USE A RECORD-KEEPING SYSTEM.
KEEPING FINANCIAL RECORDS
TIP #8: ALL RECORD-KEEPING PROGRAMS ARE NOT CREATED EQUAL.
TIP #9: KNOW WHEN TO TRANSITION FROM DIY TO BOOKKEEPER AND ACCOUNTANT.
TIP #10: KEEP IT SIMPLE. KEEP IT UP TO DATE!
PART 2
TIP #11: COLLECT INFORMATION, NOT STORIES.
TIP #12: FORGET FAIRNESS. IT’S ABOUT THE RULES.
TIP #13: NEVER THINK YOU’RE SPECIAL!
TIP #14: REVIEW LEGAL AGREEMENTS FOR TAX CONSIDERATIONS.
TIP #15: YOUR HOME IS YOUR CASTLE.
HOW LONG IS ENOUGH?
TIP #16: ONCE YOU DECIDE WHO OWNS THE PROPERTY, YOU CAN’T CHANGE IT.
A TAX PERSPECTIVE
TIP # 17: INCORPORATING MY BUSINESS MAKES SENSE WHEN ...
PART 3
TIP #18: PICK THE RIGHT BANK ACCOUNT.
TIP: #19: GET A SEPARATE BANK ACCOUNT FOR YOUR INVESTMENT BUSINESS.
TIP #20: IDENTIFY EVERY DEPOSIT.
TIP #21: MANAGE YOUR BANK ACCOUNTS WITH CARE.
TIP #22: SAVE THE STATEMENTS OF ADJUSTMENT AND TRUST LEDGER STATEMENTS FOR YOUR ACCOUNTANT.
TIP #23: KEEP YOUR RECORDS CLEAN.
TIP #24: RECORD LOAN PRINCIPAL AT THE TIME OF FINANCING.
TIP #25: EMBRACE TECHNOLOGY THAT REDUCES RECORD-KEEPING ERRORS.
TIP #26: KEEP PERMANENT FILES.
NOTICE OF REASSESSMENT
PERMISSION TO DESTROY
ACCIDENTAL LOSS
TIP #27: COLOUR-CODE YOUR FILING SYSTEM.
RED: TENANT INFORMATION
YELLOW: PROPERTY MISCELLANEOUS
BLUE: LEGAL DOCUMENTS
GREEN: ONGOING MONTHLY RECEIPTS
REPLICABLE RECORD
TIP #28: PROTECT YOURSELF FROM FRAUD.
TIP #29: PULL ALL OF THESE RECORD-KEEPING TIPS TOGETHER.
TIP #30: GO ONE STEP FURTHER AND CREATE A VIRTUAL OFFICE.
PART 4
TIP #31: RECEIPTS MATTER.
AlM FOR CONSISTENCY
TIP #32: EXPENSES ARE REAL, NOT CREATED.
PAYING MEMBERS OF YOUR FAMILY
TIP #33: KNOW HOW TO DEFINE YOUR EXPENSES.
DIRECT EXPENSES
INDIRECT EXPENSES
PERSONAL EXPENSES
TIP #34: REMEMBER TO CLAIM YOUR INDIRECT EXPENSES.
TIP #35: REPAIRS AND IMPROVEMENTS ARE NOT THE SAME THING WITH RESPECT TO A ...
REVIEW THE RULES
AN ISSUE OF TIMING
TIP #36: PURCHASE YOUR CAR PERSONALLY.
BUY YOUR CAR PERSONALLY
TIP #37: YOU CAN DEDUCT FINANCING COSTS.
TIP #38: A LOAN CAN BE INTEREST DEDUCTIBLE.
THE PAY-OFF STRATEGY
HOW DO YOU MAKE THE LOAN TAX DEDUCTIBLE?
TIP #39: DOCUMENTATION IS KEY TO DEDUCTING INTEREST.
TIP #40: CLOSING DOCUMENTS INCLUDE ITEMS WITH UNIQUE TAX CONSEQUENCES.
TIP #41: SEGREGATE PRINCIPAL AND INTEREST FOR MORTGAGE PAYMENTS.
TIP #42: KNOW WHAT TO DO IF YOU’VE MISSED A TAX DEDUCTION OR TAX CREDIT.
CONSIDER YOUR OPTIONS
PART 5
TIP #43: FILE AND PAY YOUR TAXES ON TIME.
TIP #44: KNOW YOUR TAX DEADLINES.
TAX PAYABLE AND PAYMENTS
TIP #45: GET YOUR EMPLOYEE STATUS DEFINITIONS STRAIGHT.
TIP #46: UNDERSTAND THE CONCEPT OF MARGINAL TAXES.
TIP #47: PUT YOUR MARGINAL TAX RATE TO WORK.
TIP #48: KNOW THE DIFFERENCE BETWEEN A TAX CREDIT AND A TAX DEDUCTION.
TIP #49: DIVIDE TAXABLE INCOME WITH INCOME SPLITTING.
TIP #50: PAY FAMILY MEMBERS.
TIP #S 1: FILE T4s AND T5s ON TIME.
TIP #52: FORMAL REPORTING IS ESPECIALLY IMPORTANT WHEN DEALING WITH FAMILY MEMBERS.
TIP #53: CAPITAL GAIN AND INCOME ARE NOT THE SAME THING.
TIP #54: WHEN IT COMES TO CAPITAL GAINS, INTENTION MATTERS.
TIP #55: LOOK FOR WAYS TO PROVE YOUR PRIMARY INTENTION.
TIP #56: THE CRA WILL “LOOK BEHIND THE CURTAIN” FOR A BACKUP PLAN!
POINTS TO CONSIDER
TIP #57: GET TO KNOW THE CONCEPT OF CAPITAL COST ALLOWANCE.
CCA AND REAL ESTATE
TIP #58: MAKE CAPITAL COST ALLOWANCE WORK FOR YOU.
TIP #59: You will BE AUDITED.
TIP #60: AVOID UNNECESSARY CONFLICT WITH THE AUDITOR.
TIP #61: RECONSIDER SELF-REPRESENTATION.
TIP #62: RULE BREAKERS INVITE SCRUTINY.
THIRD-PARTY INFORMATION
TIP #63: STATUTES OF LIMITATIONS ON AUDITS.
GST IS DIFFERENT
PERMANENT RECORDS
PART 6
TIP #64:MONITOR YOUR CAPITAL DIVIDEND ACCOUNT.
TIP #65: THERE MAY BE TAX IMPLICATIONS TO REFINANCING A PROPERTY.
TIP #66: USE RDTOH TO CUT CORPORATE TAXES.
WHAT DO YOU NEED TO KNOW?
TIP #67: YOU CAN TRANSFER PERSONALLY OWNED REAL ESTATE TO A CORPORATION THROUGH ...
TIP #68: THERE ARE BETTER WAYS TO TRANSFER PROPERTY TO A FAMILY MEMBER.
TIP #69: SPOUSAL TRANSFER OF OWNERSHIP PERCENTAGES CAN TRIGGER OTHER TAXES.
TIP #70: KNOW WHAT TRIGGERS THE ATTRIBUTION RULES WITH REAL ESTATE.
HERE’S WHAT YOU NEED TO KNOW
TIP #71: OFFER THE VENDOR A TAX DEFERRAL IF THE VENDOR TAKES BACK A MORTGAGE.
TIP # 72: FIGURE OUT HOW TO MAKE THE MORTGAGE ON YOUR HOME TAX DEDUCTIBLE.
TIP #73: DIFFERENT GST RULES MAY APPLY.
NEW RESIDENTIAL RENTAL REBATE
APPLICATION GUIDELINES
TIP #74: UNDERSTAND HOW A FAMILY TRUST IS TAXED.
TIP #75: THERE ARE THREE PRIMARY REASONS TO CREATE A FAMILY TRUST.
TIP #76: A FAMILY TRUST LETS MINORS BENEFIT FROM THE OWNERSHIP OF ASSETS THEY ...
TIP #77: THERE ARE FOREIGN AND DOMESTIC TAX IMPLICATIONS TO BUYING FOREIGN REAL ESTATE.
TIP #78: IF YOU PLAN TO LEAVE CANADA, BECOME A NON-RESIDENT FOR TAX PURPOSES.
TIP #79: NON-RESIDENT INVESTORS NEED HELP WITH NON-RESIDENT RULES.
SELLING IS EVEN MORE COMPLICATED
TIP #80: RRSP MORTGAGES CAN BE A GOOD WAY TO INVEST IN REAL ESTATE.
DO YOUR DUE DILIGENCE
STUDY RRSP STRATEGIES
TIP #81: THERE IS NO SUBSTITUTE FOR PREPARATION.
APPENDICES
CANADIAN REAL ESTATE GLOSSARY
REAL ESTATE INVESTMENT NETWORK - REIN™
WEB SITES FOR THE REAL ESTATE INVESTOR
AN OPEN LETTER TO THE READER
REAL ESTATE INVESTING IN CANADA: CREATING WEALTH WITH THE ACRE SYSTEM 2.0
97 TIPS FOR CANADIAN REAL ESTATE INVESTORS
51 SUCCESS STORIES FROM CANADIAN REAL ESTATE INVESTORS
SOUTH OF 49
THE REAL ESTATE SOLUTION FOR YOUR RRSP BUILD WEALTH QUICKLY USING A SECRET ...
THE CANADIAN REAL ESTATE ACTION PLAN PROVEN INVESTMENT STRATEGIES TO KICK START ...
REAL ESTATE JOIN VENTURES FOR CANADIAN INVESTORS
Acknowledgements
ABOUT THE AUTHORS
INDEX OF FINANCIAL AND TAX TIPS
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