The chartered professional accountants at Mew and Company have released a list of 12 tips to help home and property owners manage properties tax effectively
Vancouver, BC -- (ReleaseWire) -- 09/18/2019 --Working with a tax planner who understands real estate is one of the most effective ways for home and property owners to file personal tax returns and reduce tax burdens.
Since personal tax rates are much higher than corporate tax rates, inadequate tax planning and missed deductions can reduce net income and impact personal wealth now and for years to come. To help homeowners manage their properties in a tax-efficient way, the real estate tax planners at Mew and Company in Vancouver have compiled a list of 12 tips to keep in mind. For more, go to: https://www.mewco.ca/blog/12-tax-rules-and-real-estate/
Working with a tax planner who understands real estate rules and taxes means maximizing the exemption on the sale of principle residence while ensuring criteria for expense deductibility are met for real estate investments.
However, in addition to these broad benefits, there are benefits to effective tax planning. A recent blog from Mew and Company notes 12 rules and strategies that will have an impact on tax planning. For example: "If using LOC and HELOC to finance a rental property, make sure the funds are used only for the rental property and not comingled with personal use. This will impact the deductibility of the interest."
Although Canada's tax law was recently reformed, not all the rules are clear. For example, it's not clear how CRA will treat losses from the sale of presale contracts. However, working with the experienced Vancouver Chartered Professional Accountants at Mew and Company is one of the best ways to leverage existing rules and minimize the tax burdens of real estate gains. To learn more, call 604-688-9198.
About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.
To learn more about Mew + Company and discuss their services, log on to https://www.mewco.ca
Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198
Company Website: https://www.mewco.ca