Real Estate Accountant
Investing in real estate is the ideal option if you want to earn high capital growth and boost your income. What makes real estate such an attractive investment is the Canadian real estate tax laws, which are relatively liberal.
Our tax and accounting services are available to all role players in the real estate industry, including investors, builders, developers, and contractors. Please keep reading to learn how our accounting and tax services can increase your ROI.
At Hart Accounting Services, we offer a comprehensive range of real estate accounting solutions to optimize your investments’ returns. Our solutions include tax planning, preparing your tax returns, and drawing up financial statements. We also analyze financial ratios to determine the profitability, liquidity, and solvency of your investments.
As part of our services, we help investors prepare for their loan applications. The result is lower interest rates, which translates to significant returns over the long run.
We also maximize the return on your real estate investment by formulating an effective tax strategy. These solutions help you navigate the various tax rules and regulations, which continually evolve and grow more complex. Our accountants also help you take calculated risks in the face of changing interest rates and economic indicators.
As a real estate owner, you can treat the line-of-credit interests, improvements, and property taxes as tax-deductible expenses provided that you bought the property purely as an investment.
Despite the potential financial benefits of real estate investment, you’ll still have to face several challenges as an investor. By partnering with Hart Accounting Services, you can access professional real estate accounting solutions, which will allow you to make smart and profitable investment decisions.
Every real estate investor needs to be familiar with the various tax implications applicable in every stage of the investment process. There are unique tax implications to buying, owning, improving, renting, and selling a property. In addition to being aware of these tax implications, you have to base your investment decisions on these applications to reduce your tax burden and maximize your returns.
As industry specialists, we at Hart Accounting Services have extensive experience and academic knowledge of real estate investing. We categorize your expenses correctly and provide you with actionable and timely accounting and tax knowledge. By being up to date on the latest developments in the Ontario real estate industry, we’ll help you make smart decisions and protect your real estate investments.
Hart Accounting Services offers the complete range of real estate tax services, enabling you to t0 advantage of all tax-deductible expenses. We also help you deal with the various complexities associated with real estate tax. Our team has extensive tax preparation experience and has an in-depth understanding of the local processes and jurisdictional procedures.
You can rely on our accurate tax data to make calculated decisions throughout the real estate investment process. We will also ensure that you understand all property tax matters and regulations relevant to your specific investment.
In addition to tax advisory solutions, we can help you prepare and file your returns, claim a foreign tax credit, and help you with additional tax reporting.
Frequently Asked Questions
Here are some questions business owners frequently ask when they consider hiring real estate accountant services
Do I Have to Pay Property Purchase Tax as a First-Time Buyer?
As a first-time buyer, your property purchase tax is waived, provided that you purchase the property as a primary residence and the buying price is less than $375,000. Additional requirements are that you should have lived in Canada for the past twelve months and that you don’t own property anywhere else in the world.
I Am Not Canadian. Are There any Restrictions on Buying Real Estate in Canada?
There are no citizenship or residency requirements if you want to buy and own property in Canada. If you are from another country, you can also own rental property in Canada, but you have to file annual tax returns with the Canadian Revenue Agency.
If you are from the United States or hold a green card, you need to file the 1040 form every year, and you may be subject to additional tax reporting if you own Canadian Mutual Funds. To learn more about the tax implications of buying a property in Ontario, please contact us at Hart Accounting Services.
Do I Need Real Estate Accounting Services?
If you are active in the real estate industry, you will need professional real estate accounting solutions to ensure that you manage your properties correctly and stay financially accountable. At Hart Accounting Services, we make sure that you follow the best real estate accounting principles, ensuring optimal profitability and compliance with all relevant regulations.
What Do Your Real Estate Accounting Services Include?
Each real estate investor has unique accounting needs, and we customize the following services to provide personalized accounting solutions:
• Accounts payable and receivable
• Tax return preparation and filing
Please contact us at Hart Accounting Services to schedule an initial consultation.