Canadian Residents: Real Estate Tax Advisory Services

Owning capital assets, such as a house, can lead to a number of reporting complications. This is true for Canadian residents, too. You require professional advice for smooth completion of the tax reporting process. EMPC provides comprehensive real estate tax advisory services to Canadian residents.

Real Estate Purchases Consulting

One of the domains of services that our Canadian resident clients utilize most is consultation over the real estate purchases they want to make or have made. EMPC provides across-the-board advice and consulting services for the following related areas:

  • Principal Residence Exemption: PRE is an important area of real estate purchasing decisions for both resident and non-resident Canadians. With recent changes in the tax law for PRE, EMPC can take care of your confusion and questions with professional advice.
  • Rental Property: If you own a rental - or want to - property you already own, EMPC can help you develop a contract that suits you best with regard to your tax profile and secure possible benefits.
  • Investment Property: If keeping capital assets is part of your investment portfolio, EMPC can assist you in conducting necessary audits and ensure compliance with every possible tax benefit you can avail.
  • Renovation and Resale: When it comes time to resell your property, EMPC consultants can guide you through compliance for renovation and resale, making sure you are exempted from taxes you can avoid.
  • Property Speculations: A lot of property owners try to employ the idea of flipping their properties for quick profits. Your EMPC consultant can guide you through the do’s and don’ts of speculations so you can sell properties ethically.

HST Rebate Advice

HST rebate applications are another common practice in residential real estate in Canada. Since it is sensitive matter like any other tax related issue, you require thorough knowledge of this part of real estate law to understand how much HST rebate you are eligible for. EMPC consultants can take care of the whole process, from evaluating your eligibility to rebate issuance, for you.

  • Rental Property: You may be eligible for a rebate on a rental property you own if you make major renovations to the property or make major additions to the original plans. EMPC provides comprehensive services for your eligibility on rental property HST rebate.
  • New Housing: Another way you may become eligible for an HST rebate is through new housing. This includes buying a new house or condo, build one with or without using a contractor, or turning non-residential premises into a home.
  • Personal Property: HST rebates are issued even if you make the decisions mentioned above for your own occupation.

CRA Related Problems

CRA administers taxation and related matters for the real estate industry in Canada. It works like any other state department, with a lot of clerical documentation and formal documentation. CRA has the authority to execute law so that people are kept from conducting misdemeanors and misusing the law. Following are the major areas where CRA operates and you need professional help to make sure your decisions regarding your assets and income adhere to the law and avoid any misconduct.

  • Service Complaints: CRA services are complex and, since a great number of people are making various requests to the department in any given time, the quality of service may be affected. Your complaints may relate to mistakes in documentation that lead to misunderstandings or omissions, delay in service, conduct of personnel, insufficient information, etc.
  • Objections: You may receive notices from CRA, including those are assessment, reassessment, determination, or redetermination. It is possible you have more information for the department to consider, and delivering that information appropriately to CRA is imperative for your tax evaluations.
  • Audits: CRA has the authority to audit your assets, incomes, and taxes. The process can be long and confusing for taxpayers because the department may frequently request a number of documents and evidence during the process.
  • Reviews: Another exercise that CRA conducts, which is close to an audit but simpler, is a review. The department may review your payroll as part of their evaluation of your employees’ income and tax records, conduct HST review for your eligibility application, or conduct an income tax review for you or your business.

EMPC can provide you complete consultation for any of the matters discussed above or with real estate related issues that are not listed above. Your assigned EMPC consultant will make sure your problems, whether they are related to CRA or other aspects of property ownership, are resolved to your satisfaction and in a way that you get every tax benefit you are eligible for.