Monthly Archives: April 2014

4 Reasons Why Negotiations Go Sour In Business & Real Estate

ID-100147922Negotiations are tough. It’s really a business all on its own. As business owners, it’s important for us to understand that there are things that can kill a negotiation very quickly. When I see a negotiation go sideways it’s usually because someone didn’t take into consideration the person sitting across the desk from them.

1. Lack of Respect

Respect of both parties in negotiations is so important. If you want to kill any deal quickly, throw respect out the window. It’s a lot about understanding the differences in personalities and how the person you are negotiating with is different from… Continue reading

Going Through a CRA Audit? Whatever You Do, Don’t Do This

cra audit If you receive a notice that you are going to be under a CRA audit, there are a couple things you should know. I get asked a lot about getting audited by the CRA but there is no more common question than: what should I say?

This is an interesting question and there are two fundamental rules that I recommend when dealing with CRA:

  1. Always be open and honest
  2. Answer the question that is being asked

The first point is self-explanatory. If the CRA asks you for anything, be open and honest with them and never consider lying. They are… Continue reading

Profit From Flipping Homes In Canada Now Taxed As A Business

ID-100206797Is flipping homes a business or is it capital? I’ve been talking about this for many years about how this is a big mistake that people have been making.

When you buy real estate, the intent behind the acquisition is very important and documenting that intent is even more important. If you are buying a pre-built condo and your intention is to sell it the day it opens up, you’re now in the business of buying and selling real estate and that is not a capital increase – that is an act of business.

Revenue Canada is starting to crack… Continue reading

Significant Changes to Canada Tax Rules for Testmentary Trusts

Testamentary TrustOne of the major changes in the recent Canada Federal Budget was the elimination of a significant tax saving vehicle through the use of a testamentary trust. From a tax perspective, we’ve been allowed to do use testamentary trust (the trust that is created upon someone’s death) to gain a major tax advantage upon somebody’s death ever since family trusts came into play.

Forgive me for this rather morbid example but it is necessary to understand the concept at work here. Let’s say mom and dad pass away with a significant amount of wealth. They have four children that have… Continue reading

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