Ask any real estate investor why they love what they do: most will tell you it's finding the property with the right fundamentals that will deliver positive cash flow and increased value over time. Very few will say that they love to read contracts or organize files for their accountant, and although many are intrigued about saving money, they feel that law and tax are topics too complicated for them to digest. And they will admit that this is a problem: they would like to be better informed. It would be better for their business. It would help them optimally deal with their team of professionals.
Legal, Tax and Accounting Strategies for the Canadian Real Estate Investor offers high-caliber information complemented by strategies and take-action checklists to enable the investor to better understand their business and to explore ways to save on tax, limit liability exposure, and increase long-term equity growth with a solid grounding in the legal aspects of property ownership, financing and accounting.
Whether you are just starting out in real estate, or are an experienced investor, this book is a hands-on reference tool that will help you properly manage one or two doors or a portfolio of properties. If you are a Realtor®, accountant, mortgage broker or lawyer who specializes in real estate transactions, Legal, Tax and Accounting Strategies for the Canadian Real Estate Investor will help you better understand the issues surrounding real estate investing and will enable you to better serve your investor clients.
Legal, Tax and Accounting Strategies for the Canadian Real Estate Investor
begins and ends with the premise that buying property in Canada can be a smart, safe and successful way to invest your money. However, like most things in life, success requires hard work. You need to do your homework, understand what you are buying, and know the pros and cons of various decisions. Most importantly, you also need to know how to structure and maintain your investment. That's where we come in. Experience is a good teacher-but its lessons can be nasty and, in the real estate business, mistakes can cost you big bucks. Our goal with this book is to help you do it right-the first time. Rest assured that this book covers a vast range of topics and you're going to appreciate its breadth and depth if you're wondering about things like whether:
- You should opt for a sole proprietorship versus a partnership or corporate ownership strategy.
- There are things you can do to manage the way HST impacts your real estate investment business.
- You need information about the tax implications of a real estate disposition.
- You can change your bookkeeping system to better meet your needs and those of your accountant.
Who Are We?
This book was written by two individuals whose collective experience in helping Canadians make wise property investment decisions spans several decades. Steve Cohen is a securities lawyer with a great deal of experience in the real estate sector. George Dube is a chartered accountant whose knowledge is based on many years of helping clients with their property buying needs. Both Steve and George are real estate investors themselves. Working from this foundation, we have put together the definitive guide on how to build a successful real estate portfolio in Canada from a legal, tax and accounting perspective.