Insiders' guide to real estate accounting
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Learn about choosing a real estate accountant; When, if ever should I incorporate? New rules for JV’s and partnerships; Court cases you need to know about.
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Insiders' guide to real estate accounting
- 1. Insiders’ Guide to… Real Estate Accounting @petercuttini @georgeEdube @dubecuttini
- 2. Covering… 1. Choosing a real estate accountant 2. When, if ever should I incorporate? 3. New rules for JV’s and partnerships 4. Court cases you need to know about
- 3. RE Accountant …how do I choose?
- 4. A real estate accountant is… someone who speaks your language
- 5. A real estate accountant… invests in real estate
- 6. A real estate accountant is… like a heart surgeon
- 7. How to tell if you have a real estate accountant • Do you invest in real estate? • How long have you invested? • What kind of real estate holdings do you and your clients have? • What percent of your accounting practice is devote to real estate matters?
- 8. Bonus: What else to look for... • Large vs. medium vs. small firms • Location vs. knowledge • Key team members and access • Integrity • Industry respect and demonstration of skills
- 9. Incorporate or not? …it depends!
- 10. Incorporate…why care? • Proper and flexible structure now saves $ • Everyone is different • Preparation and organization generate additional savings plus helps provide security
- 11. Incorporate…framework 1. Flexibility of choices 2. Legal issues 3. Taxation impact 4. Financing perspective 5. Investment and business considerations
- 12. Common business structures • Proprietorships • Corporations • Trusts • Partnerships • Limited partnerships • Joint ventures • Personal Service Businesses?
- 13. Multiple entities? Don’t get caught up in the excitement
- 14. New Joint Venture and Partnership Rules …how do they affect you?
- 15. Federal budget changes… • Year-end change requirements plus administrative practice change • Unclear transition rules • Announcements at October Ontario Tax Conference • T5013 expanded requirements
- 16. And another thing…RRSP mortgages budget vs. rumours
- 17. Court cases And the judge said…
- 18. Repairs vs. capital • Quantum issue $175k on $99l purchase Mbénar TCC, • Timing of repairs Hare TCC
- 19. Garron FCA and Antle FCA • Residency of trust • Documentation • Attribution rules with spouses
- 20. Bonus court cases • Bookkeeping & • Director’s liabilities integrity (various cases) (various cases) Details: http://georgeedube.com/?p=278 • Late filing re: elections • Failed JV and taking and RDTOH (Tawa larger/more active role Developments Inc. TCC) from loan (Von Realty • Tax losses for land Limited TCC) development wind-up (STB Holdings TCC)
- 21. Dube & Cuttini… Who are we? How we can help • Real estate investors • Save taxes • Real estate accountants • Structure assets • US and Canadian tax and business advisors • Protect investments • Working with clients across Canada and around the world Interested in an initial consultation? Contact us at: info@dubecuttini.com or 1.877.475.3823
- 22. Connect with us Dube & Cuttini George & Peter • www.dubecuttini.com • @petercuttini • @dubecuttini • @georgeEdube • www.georgeEdube.com
- 23. Disclaimer • This presentation contains general comments and should NOT be acted upon without the advice of a qualified tax professional. While there may be similarities, every situation is different.