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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.

In a previous blog, the Vancouver chartered professional accountants at Mew + Company in Vancouver discussed why a CCPC shareholder is better off holding real estate investment or any passive investment in a CCPC versus personally. The follow up in the two-part series contains tips on how to reduce the SBD (Small Business Deduction) claw back.

There's a lot of confusion around the most tax-efficient way to hold real estate in 2019. According to the chartered professional accountants at Mew + Company in Vancouver, misunderstanding the difference between Real Estate Development and Real Estate Investment is often the problem. For more, go to: https://www.mewco.ca/blog/vancouver-real-estate-investments-personal-or-corporate-ownership/

Over the last 12 months, the accountants at Mew and Company, a firm of Chartered Professional Accountants in Vancouver, have noticed the number of CRA reviews increasing noticeably. These reviews are typically not for an earth-shattering amount of GST or income tax. Rather they appear to be random audits to check if taxpayers are being honest.

Like many Chartered Professional Accountants in Vancouver, the team at Mew and Company were surprised in the summer of 2017 by the announcement of new tax rules and restrictions planned by the Minister of Finance. Ottawa seemed to feel that existing rules were too generous for CCPC shareholders and intended to scale the perks down considerably. For many, this has meant re-examining strategies around corporate tax planning.

Tax planning is a tricky subject at the best of times. According to a new article that's just been posted by the Vancouver Chartered Professional Accountants at Mew + Company, understanding the distinction between real estate investment and development is imperative to developing an efficient tax strategy for real estate holdings.

The mortgage rate has gone up, OSFI rules are in full enforcement, and a slew of ownership taxes on real estate have drastically reduced the demand for presale condos. Getting a mortgage has become a challenge, but the accountants at Mew + Company have some advice on dealing with the liquidity crunch.

A CRA tax audit is something many mature businesses will have to endure at least once during their lifetime. But according to the Vancouver Chartered Professional Accountants at Mew + Company, having a set of financial records that is easy for the auditor to examine can really expedite the process.

Improved functionality of cloud-based accounting means businesses are performing bookkeeping functions in-house and looking for accountants who specialize in cloud software

The tax advisors at Mew + Company understand that company finances and Canadian tax laws are complex. But as experienced corporate tax accountants, their approach is simple—they work within current tax laws to help both growing and established businesses maximize their tax savings. For more, go to: https://www.mewco.ca/corporate-tax-accounting-services/