Am I Liable for Canadian Taxes When Buying Property from a Non-Resident of Canada?
I’ve written before on the extremely dangerous issue of non-resident taxes on Canadian real estate. Real estate agents and real estate lawyers in Canada know about non-resident tax. To give buyers comfort that the seller is a legal resident, the classic way to get some protection is to get sellers to sign statutory declarations that say, “I am not a non-resident…” Buyers then rely on the statutory declarations to make a decision that they do not have to collect withholding tax and that there are no CRA non-resident tax issues. But what if that isn’t enough to protect yourself? Continue reading
Registered Funds Are an Alternative Mortgages Goldmine.
This Canadian real estate investing video is an edited recording of a live webinar for participants in Barry McGuire’s Rapid Cash Program. The topic is how to use the funds in a registered investment (e.g., RRSP, RESP, TFSA, etc.) as an alternative source for a mortgage. Whether you want to be a lender or a borrower, there is lots of money out there—if you know how to find and use it! This video provides in-depth discussion from experienced registered fund lenders and borrowers.
For a legal perspective on registered fund mortgages, view this recent blog post.
Purchasing a New Home:
What Could Go Wrong?
Timing! I keep blogging about timing because it is one of the biggest problems for real estate transactions. Issues with timing are hugely stressful; they are the most common reason for an increased legal account. And, no one likes to pay more in legal fees than they thought they were going to have to pay!
Can We Both Use the Same Lawyer in a Real Estate Transaction?
This question comes up all the time in my Alberta real estate legal practice. I’ll get a call from a buyer or seller, we discuss the details of their purchase or sale and then the question comes up: “This is a simple deal and we want to save some money on legal fees. Can we both use you as our lawyer to close this deal?”
The short answer is maybe, but practically speaking, no. Continue reading
Want Cheap Lawyer’s Fees?
Stop reading if you don’t like saving money! This blog post is aimed at helping you tame your legal bills in general, and with real estate transactions in particular. Continue reading
Donald Trump Is Right (About Tax).
Now, generally I disagree with almost all of The Donald’s actions. But not on tax. If you are interested in legal ways of saving big money on tax when selling property, a business, or other large investments in Alberta, get in touch with me now at RMLO Law LLP.
Donald Trump’s advisers have called him a “genius” after reports that his $900 million loss in 1995 helped him avoid paying federal tax for the next 18 years.
“This is a perfectly legal application of the tax code and he would have been fool not to take advantage of it,” said former New York mayor Rudy Giuliani, one of Trump’s advisers.
Podcast Episode 76:
“The Power of Trust.“
I’ve got a real bee in my bonnet about Asset Planning & Protection (APP). I have done Focus Workshops all about Legacy Planning, Asset/Corporate Structure, Insurance, and Tax Planning, but now it’s time to bring this focus back to my blog and podcast. It’s hugely important for all of us, but we are all so busy buying, selling, and managing real estate that APP always takes a back seat. I want you to have a much better general understanding of Asset Planning & Protection. Are we trying to turn you into lawyers, accountants, financial planners, or tax experts? No, absolutely not. But we are trying to help make you more informed and prepared!
Download the audio file HERE and the text/handout HERE.
(control click or right click + save as)
A Sleeping Bear with a Big Bite.
As a real estate lawyer, I was happy to have one of my favourite realtors send me a new deal where I would be the seller’s lawyer. The first sign of trouble was a big add-on clause that confirmed the sellers were non-residents of Canada. “Uh-oh, could be trouble,” was my first reaction. Then I thought, “if the contract is making a special note that the sellers are non-residents, maybe they have the non-resident tax thing under control…?” When I chatted with the sellers and asked the question, no such luck. They knew nothing about any Canadian tax they might have to pay as non-residents and, in fact, had done nothing about tax of any kind in the 12 years they had owned the property. Now I’m really concerned and here’s why. Continue reading
Taxes: A Penny Saved Is a Penny Earned.
Do you own a business or a substantial amount of real estate? Let’s start with a few simple propositions:
- You want to pay as little tax as possible both while you are an owner and then when you sell.
- Tax rules for Canada are set out in the incredibly complicated Income Tax Act.
- Sophisticated, conservative tax planning can reduce your tax substantially.
Podcast Episode 19: “Taming Your Legal Bills 4/4 – Dos and Don’ts.”
A continuation of an explanation of how your lawyer figures out your legal bill. 20 tips to improve service, get better results and reduce legal fees.
Download the audio file (Mac control + click + “save as” / PC right click + “save as”) HERE.
Download the handout for all four parts (Mac control + click + “save as” / PC right click + “save as”) HERE.
Read a blog post about saving money on legal fees here.
Contact Barry McGuire now. Alberta real estate needs an Alberta lawyer.