How to Prevent a CRA Audit

Рет қаралды 25,661

Күн бұрын

Are you worried about how the CRA views your real estate transactions? Ever wondered what it takes to win a tax dispute involving property flipping?
Join me in this must-watch episode where Dean Blachford from Blachford Tax Law Firm shares his deep expertise on handling complex tax disputes with the CRA with a special focus on the intricacies of house flipping and rental property sales.
From avoiding tax court to understanding the tax implications of selling rental properties, Dean provides invaluable tips that could save you thousands.
Don’t miss Dean Blachford’s upcoming FREE webinar on Tuesday, June 18th, 2024 on "How to Avoid a Large CRA Audit." Learn how to avoid common pitfalls and protect yourself from costly CRA audits. Sign up here: us06web.zoom.us/webinar/regis...
Key Moments In This Episode
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00:00 Intro
02:16 Avoiding Tax Court
06:14 Tax on Selling Rentals
08:40 CRA's Criteria for Flips
12:41 Flipping Red Flags
14:36 Legal Flips & Taxes
18:03 CRA's ROI Focus
19:58 Large vs. Small Audits
23:44 Suspicious Construction Case
25:24 Winning with Evidence
If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible.
Don’t forget to subscribe to my channel for more videos on Canadian real estate and tax-saving strategies so you don’t miss a thing!
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Please make sure to speak to a professional that knows your personal situation before making a decision.
If you need to talk to someone on my team, email us at admin@cccpa.ca.
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DISCLAIMER:
Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice.
The information contained in this video is for general information purposes only.
The information is provided by ECRB Consulting Inc., RealEstateTaxTips.ca, Cherry Chan Professional Corporation and Cherry Chan.
While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the article or the information, products, services, or related graphics contained on the presentation for any purpose. Any reliance on such information is, therefore, strictly at your own risk.
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Пікірлер: 36

@RealEstateTaxTips 2 ай бұрын

We have an upcoming workshop on how to generate 6-figure passive income in U.S. Real Estate Investing on June 8th. Sign up here: USAworkshop-ch.eventbrite.ca/?aff=YT

@OmegaBlueFarms 2 ай бұрын

Best way to avoid a CRA audit? Ask for one. Seriously, I was having trouble figuring out how to do the returns on my LTD company. I lacked the funds to hire an accountant. CRA got impatient so I asked them to audit me so I could learn from them. They refused and continued refusing. I have not been audited in over 30 years.

@kennethyoung2077 Ай бұрын

I was audited 50 years ago, once they found nothing they net writhed me, still nothing. However they did hit the jackpot from the person I bought the farm from. I also had a fried that was audited, his accountant used standard and accepted book keeping rules. The CRS changed the interpretation of the laws, with tax’s, fees and interest going back 10 years left him almost broke.

@lynnspencer7753 2 ай бұрын

Thank you to both of you.

@buhaycanada1917 2 ай бұрын

well flippers also influenced house prices. it's good there's a balance in nature

@tripod5147 2 ай бұрын

found your channel just recently. love all the info you give.

@RealEstateTaxTips 2 ай бұрын

Welcome aboard!

@gyoung4597 2 ай бұрын

Really excellent interview, Cherry!! Thanks!

@RealEstateTaxTips 2 ай бұрын

Glad it's useful

@dealman3312 Ай бұрын

Thanks for the video. File on time, and use an accountant. Don’t be sneaky. Would like to hear more on how the capital gains inclusion rate change is affecting real world SMEs

@KD-mz5xv 2 ай бұрын

great info thanks you

@RealEstateTaxTips 2 ай бұрын

Glad it was helpful!

@SPLToronto 2 ай бұрын

Good content thank you!

@RealEstateTaxTips 2 ай бұрын

Thank you !

@petergleeson1530 2 ай бұрын

Dean! Peter, Zoe’s friend. So great to see you on here and hear all you professional experiences, I think it’s been 15 years. I happened to start following Cherry’s channel just last week and I saw your image on the thumbnail. Great work, I’m glad you’re doing well. 😊

@RealEstateTaxTips 2 ай бұрын

We'll pass your message to Dean for sure. It was definitely an honour to interview Dean.

@oceanbreeze4361 2 ай бұрын

Do you do dual US/CAN tax returns?

@pabawathieperera9118 2 ай бұрын

Is it possible to do a 1031 exchange in Canada for a multiunit property for the same amount in value not paying tax?

@RealEstateTaxTips 2 ай бұрын

1031 is not available in Canada. Generally the answer is a no.

@obiomachris7685 Ай бұрын

Hi, I recently bought a new built condo. How do i go about getting my GST rebate? The developer told me I can get it when filing my tax. Now the CPA who did my tax said it's the developer thar should help me get the gst rebate I paid. I m confused on how to go about it. I need your advice please. Thanks

@Raygetto 2 ай бұрын

To be fair it wouldn’t be a cash cow if the real estate industry wasn’t ripe with non-compliance and straight up tax evasion.

@RealEstateTaxTips 2 ай бұрын

Some are legitimate transactions and some are really straight up tax evasion.

@Som_2023 2 ай бұрын

Hello Cherry, Do CRA audit or charge any tax if we bring money from any other country (india) to Canada through a bank transfer. if yes , how much money is allowed and will not attract CRA Audit?

@RealEstateTaxTips 2 ай бұрын

Not that I'm aware of unless the money is part of your worldwide income, but you would have already reported it on your Canadian tax return.

@danb.4128 10 күн бұрын

@@RealEstateTaxTips Inheritance abroad of Money in accounts and real estate are deemed income by CRA?

@ShubhiSingh-gq7iw Ай бұрын

Its not always about businessess and flippers . We got few 100 dollars in WFH expenses last year and this year they took that back with interests on top of it . 😢 We submitted all the necessary documents and they put that in a queue and started charging interest on daily basis . We called them multiple time to get the timeline or stop charging the interest but nothing happend so so we had to pay😢

@RealEstateTaxTips Ай бұрын

Good news is that they would reverse the interest. Another option is to pay what they charge, and get the refund back once they go through your evidence.

@ShubhiSingh-gq7iw Ай бұрын

@@RealEstateTaxTips thank you 😊

@HaviccB 2 ай бұрын

Be honest..easy

@Patil.Vikram 2 ай бұрын

Hello Cherry, thank you doing this. I was living in the condo from 2012 to 2020 and moved to my new houses. Rented the condo for 2 years & sold last year in 2023. I believe in my reporting on capital gains, it is the difference between the fair value price of the property in 2020 (when I rented) and the sold price in 2023. It is not the original price of the property I brought in 2012 and sold price in 2023. I live for 8-9 years in that condo. Hope you can help.

@RealEstateTaxTips 2 ай бұрын

Sounds like you have a specific question to a very specific situation - feel free to connect with your accountant or if you don't have one, feel free to contact us 416-548-4228

@amritbhathal1487 2 ай бұрын

Speak with your accountant but you should have completed a 45(2) election in 2020 to designate the personal residence to rental property. Then reported the capital gains on the sale of the property. Your Adjusted cost basis would have been adjusted from that taxation year and pay less capital gains tax on the sale of it. I would suggest getting in touch with an accountant right away to help correct and navigate yourself to report it correctly!

@Patil.Vikram 2 ай бұрын

@@amritbhathal1487 I have reached out to my accountant and see what he has to say. I have been reporting the rental income from the day it was rented to CRA.