Gary chats in this episode with George Dube of Dube & Cuttini Chartered Accountants LLP. George is a veteran real estate accountant and an investor himself, and after growing up around accountants he decided that was his path. He and Gary chatted about what to look at before selecting an accountant; should you incorporate before purchasing an investment property; and if you do the work yourself, can you write off the ‘sweat equity’.
A quote Gary wanted to share: “Anxiety is thinking about the future, and depression is thinking about the past”. Don’t dwell in the past or in the future.
What you'll learn:
* What questions you need answered before selecting an accountant
* When and if you need to incorporate when you decide to be a real estate investor
* If you do your own renovations on an investment property, can you write off this sweat equity
* What research George did with his clients success, to determine the factors that lead to making money
* Why an accountant who is also an investor speaks the same language as an investor
* The accountant *should* be working with clients similar to yourself
* What are the 5 elements and issues that apply to your situation you should discuss with your accountant
* What are some of the tax liabilities from incorporating
* Can you split income?
* What happens when you take money outside of the business from a tax perspective
* What are some of the methods of taking money out of the corporation
* What about audit frequency of corporations?
* Are there different rules and challenges for financing real estate through corporations?
* What other team members do you need beside an accountant?
* What some of the biggest mistakes investors make from an accounting standpoint
* What bookkeeping recommendations does George have to make a job easier for accountants
* What rules are regulations are changing or coming
* And MORE!
A veteran real estate accountant and investor whose practice focuses on providing the knowledge and tools clients need to increase and preserve the value of their businesses, George is a frequent guest speaker at an assortment of meetings, events and workshops through the year. There, he addresses a variety of tax and accounting topics with implications for real estate investors, with a particular focus on tax strategies. He talks about ways investors can improve communication with their accountants and better organize their financial affairs. George also updates listeners about how their businesses are impacted by rule changes in the accounting and tax industries.
George jointly established the predecessor to Dube & Cuttini Chartered Accountants LLP, in 1997 after several years with national accounting firms. He is a graduate of the University of Waterloo’s Master of Accounting Program, where he completed a double specialization in Taxation and Public Accounting. He also completed the Canadian Institute of Chartered Accountants’ two-year In-Depth Taxation Course.
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Interested in learning more about Real Estate Investing? Visit https://www.smarthomechoice.ca
#realestateinvesting, #financing, #mortgages, #accounting, #corporations, #longtermgrowth, #invest, #realestatelife, #realestateinvestor,
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