Canadian tax strategies exposed – Saving taxes on your rental properties

Chris Burylo, Managing Partner of Pinnacle Equities, shares two commonly missed tricks for saving taxes on your rental properties. Today’s video is created f…
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  1. PinnacleEquities says:

    Great Question! Yes, the principal residence will apply to either a house
    or a condo. As for your question about the invest co; you don’t need to
    rent from yourself in order to achieve the results that you are looking
    for. The CRA will allow? you to designate any of personal holdings as your
    primary residence for tax purposes, so long as you file the proper
    paperwork. There is some neat planning that goes along with this and a good
    tax accountant should be able to help you.

  2. PinnacleEquities says:

    By the way, if you are in Calgary, I will be giving a lengthy talk on tax
    planning around your investment properties with the Canada REIC. It will be
    held on Nov 10th at the Holiday Inn (McLeod Trail). Send me a message if
    you are interested in attending.

  3. Robert Vanden Heuvel says:

    Great tips, Chris. The second one saved me a lot of money (and hassle) when
    I sold my house. I haven’t thought it through, but would it makes sense for
    someone who owns multiple properties in an investco to rent from themselves
    so they could subsequently claim as a principal residence whichever
    property is most beneficial for tax purposes? e.g. the property with the
    greatest capital gains. Also, regarding the CCA, does that only apply to
    houses or can it be applied to condos as well?

  4. PinnacleEquities says:

    @torontonative1 That is very valid. Thanks for the comment!

  5. tryme2pls says:

    most accountant not goning to tell you about the CCA. thanks for sharing.

  6. Richard Wong says:

    My friend has a house with two rental units. He lives in the house. When do
    the rental expense, does he deduct all the expenses? or he can only deduct
    2/3 of the expense?

  7. Craig Smith says:

    This is not entirely correct. You can claim CCA but if you claim CCA on
    your investment property you will not be able to designate that property as
    a principal residence. As a result if you deduct CCA make sure the expected
    Capital gain per year is less than other properties owned. Also in order to
    claim principal residence you have to have lived in that residence for at
    least part of the year so if you are renting the whole building you cannot
    claim it as a principal residence.

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