We have an upcoming workshop on how to generate 6-figure passive income in U.S. Real Estate Investing on June 8th. Sign up here: USAworkshop-ch.eventbrite.ca/?aff=YT
Best way to avoid a CRA audit? Ask for one. Seriously, I was having trouble figuring out how to do the returns on my LTD company. I lacked the funds to hire an accountant. CRA got impatient so I asked them to audit me so I could learn from them. They refused and continued refusing. I have not been audited in over 30 years.
I was audited 50 years ago, once they found nothing they net writhed me, still nothing. However they did hit the jackpot from the person I bought the farm from. I also had a fried that was audited, his accountant used standard and accepted book keeping rules. The CRS changed the interpretation of the laws, with tax’s, fees and interest going back 10 years left him almost broke.
Thanks for the video. File on time, and use an accountant. Don’t be sneaky. Would like to hear more on how the capital gains inclusion rate change is affecting real world SMEs
Dean! Peter, Zoe’s friend. So great to see you on here and hear all you professional experiences, I think it’s been 15 years. I happened to start following Cherry’s channel just last week and I saw your image on the thumbnail. Great work, I’m glad you’re doing well. 😊
Hello Cherry, I understand you are an accountant. I am considering investing $100,000 in a dividend-paying ETF. If I need to withdraw the entire amount within any given year due to an emergency, will the $100,000 be considered taxable income for that year, or will I only be taxed on the dividends received. Thank you
Hello Cherry, Do CRA audit or charge any tax if we bring money from any other country (india) to Canada through a bank transfer. if yes , how much money is allowed and will not attract CRA Audit?
Hi, I recently bought a new built condo. How do i go about getting my GST rebate? The developer told me I can get it when filing my tax. Now the CPA who did my tax said it's the developer thar should help me get the gst rebate I paid. I m confused on how to go about it. I need your advice please. Thanks
I am curious that will Canadian citizens be stopped at the border when returning or leaving Canada if they have unsettled or disputed tax debt with CRA?
Its not always about businessess and flippers . We got few 100 dollars in WFH expenses last year and this year they took that back with interests on top of it . 😢 We submitted all the necessary documents and they put that in a queue and started charging interest on daily basis . We called them multiple time to get the timeline or stop charging the interest but nothing happend so so we had to pay😢
Good news is that they would reverse the interest. Another option is to pay what they charge, and get the refund back once they go through your evidence.
Hello Cherry, thank you doing this. I was living in the condo from 2012 to 2020 and moved to my new houses. Rented the condo for 2 years & sold last year in 2023. I believe in my reporting on capital gains, it is the difference between the fair value price of the property in 2020 (when I rented) and the sold price in 2023. It is not the original price of the property I brought in 2012 and sold price in 2023. I live for 8-9 years in that condo. Hope you can help.
Sounds like you have a specific question to a very specific situation - feel free to connect with your accountant or if you don't have one, feel free to contact us 416-548-4228
Speak with your accountant but you should have completed a 45(2) election in 2020 to designate the personal residence to rental property. Then reported the capital gains on the sale of the property. Your Adjusted cost basis would have been adjusted from that taxation year and pay less capital gains tax on the sale of it. I would suggest getting in touch with an accountant right away to help correct and navigate yourself to report it correctly!
@@amritbhathal1487 I have reached out to my accountant and see what he has to say. I have been reporting the rental income from the day it was rented to CRA.
We have an upcoming workshop on how to generate 6-figure passive income in U.S. Real Estate Investing on June 8th. Sign up here: USAworkshop-ch.eventbrite.ca/?aff=YT
Best way to avoid a CRA audit? Ask for one.
Seriously, I was having trouble figuring out how to do the returns on my LTD company. I lacked the funds to hire an accountant. CRA got impatient so I asked them to audit me so I could learn from them. They refused and continued refusing. I have not been audited in over 30 years.
I was audited 50 years ago, once they found nothing they net writhed me, still nothing. However they did hit the jackpot from the person I bought the farm from.
I also had a fried that was audited, his accountant used standard and accepted book keeping rules. The CRS changed the interpretation of the laws, with tax’s, fees and interest going back 10 years left him almost broke.
well flippers also influenced house prices. it's good there's a balance in nature
Thank you to both of you.
Thanks for the video. File on time, and use an accountant. Don’t be sneaky.
Would like to hear more on how the capital gains inclusion rate change is affecting real world SMEs
Really excellent interview, Cherry!! Thanks!
Glad it's useful
Dean! Peter, Zoe’s friend. So great to see you on here and hear all you professional experiences, I think it’s been 15 years. I happened to start following Cherry’s channel just last week and I saw your image on the thumbnail. Great work, I’m glad you’re doing well. 😊
We'll pass your message to Dean for sure. It was definitely an honour to interview Dean.
found your channel just recently. love all the info you give.
Welcome aboard!
Hello Cherry, I understand you are an accountant. I am considering investing $100,000 in a dividend-paying ETF. If I need to withdraw the entire amount within any given year due to an emergency, will the $100,000 be considered taxable income for that year, or will I only be taxed on the dividends received. Thank you
great info thanks you
Glad it was helpful!
Good content thank you!
Thank you !
Hello Cherry, Do CRA audit or charge any tax if we bring money from any other country (india) to Canada through a bank transfer. if yes , how much money is allowed and will not attract CRA Audit?
Not that I'm aware of unless the money is part of your worldwide income, but you would have already reported it on your Canadian tax return.
@@RealEstateTaxTips Inheritance abroad of Money in accounts and real estate are deemed income by CRA?
Hi,
I recently bought a new built condo. How do i go about getting my GST rebate? The developer told me I can get it when filing my tax. Now the CPA who did my tax said it's the developer thar should help me get the gst rebate I paid. I m confused on how to go about it. I need your advice please. Thanks
Is it possible to do a 1031 exchange in Canada for a multiunit property for the same amount in value not paying tax?
1031 is not available in Canada. Generally the answer is a no.
I am curious that will Canadian citizens be stopped at the border when returning or leaving Canada if they have unsettled or disputed tax debt with CRA?
Sometimes I wonder the same thing as well..
@@RealEstateTaxTips I will try and then let you know the result. Haha
Its not always about businessess and flippers . We got few 100 dollars in WFH expenses last year and this year they took that back with interests on top of it . 😢
We submitted all the necessary documents and they put that in a queue and started charging interest on daily basis . We called them multiple time to get the timeline or stop charging the interest but nothing happend so so we had to pay😢
Good news is that they would reverse the interest. Another option is to pay what they charge, and get the refund back once they go through your evidence.
@@RealEstateTaxTips thank you 😊
To be fair it wouldn’t be a cash cow if the real estate industry wasn’t ripe with non-compliance and straight up tax evasion.
Some are legitimate transactions and some are really straight up tax evasion.
Hello Cherry, thank you doing this. I was living in the condo from 2012 to 2020 and moved to my new houses. Rented the condo for 2 years & sold last year in 2023. I believe in my reporting on capital gains, it is the difference between the fair value price of the property in 2020 (when I rented) and the sold price in 2023. It is not the original price of the property I brought in 2012 and sold price in 2023. I live for 8-9 years in that condo. Hope you can help.
Sounds like you have a specific question to a very specific situation - feel free to connect with your accountant or if you don't have one, feel free to contact us 416-548-4228
Speak with your accountant but you should have completed a 45(2) election in 2020 to designate the personal residence to rental property. Then reported the capital gains on the sale of the property. Your Adjusted cost basis would have been adjusted from that taxation year and pay less capital gains tax on the sale of it. I would suggest getting in touch with an accountant right away to help correct and navigate yourself to report it correctly!
@@amritbhathal1487 I have reached out to my accountant and see what he has to say. I have been reporting the rental income from the day it was rented to CRA.
Be honest..easy
Why would these people not get professional advice before they do these things!?!?!
Who cares about the cra..
Bunch of crooks