Question: I’m a Canadian citizen and resident. My Canadian accountant told me to purchase US real estate through an LLP or LLLP. Which states allow for LLPs vs LLLPs to be setup? Answer: Unlike LLPs which can be formed in any state, only certain states offer the option for the creation of an LLLP. These … Continue reading Which US states allow the formation of LLLPs for US real estate investments?
Question: My company sold capital assets (including a building, furniture and equipment). I see the terms “Recapture” and “Terminal Loss” on my corporate tax return, what do these mean? Answer: When you purchase capital assets (e.g. vehicles, buildings, furniture, computers, equipment), the Canada Revenue Agency (CRA) applies specific depreciation (CCA) rates. The rates are a … Continue reading What do the terms recapture of Capital Cost Allowance (CCA) and Terminal Loss mean?
Question: I recently moved into a new building and was required to cover the cost of making the new space suitable for my purposes. This included purchasing new lighting, installing new flooring, internal walls and wall coverings. Is it possible to write off these expenses from my business? Answer: According the the Income Tax Act, … Continue reading Can I write-off leasehold improvements?
SOCIAL CONNECT