IT'S TAX TIME!

Sooner than we expect, tax time comes to us each year.  Steadily the hands of time move, and each year we are reminded of another year and that it is time to file.  In the case of the landlord, it is even more essential to ensure your books are in order and that CRA has an accurate picture of finances.  For many landlords, this will be an opportunity for tax breaks and refunds based on expenses through the year.  EMC Property Management recommends getting in front of tax prep, using a qualified tax accountant, and making the most out of your rental investment and any expenses.  For our clients, it is important to remember a few things as you prepare to file and/or equip your accountant for filing.

Each month, clients of EMC Property Management receive financial statements for the month prior.  Every financial statement includes a YTD (year to date) column on the right side.  This column provides totals for the year starting January 1.  When you receive your December Financial Statement (sent in mid-January), this is your year end statement.  All numbers in that right YTD column will show your year end total for income and expenses.  This December Financial Statement is what you will want to forward to your accountant immediately.

If you are one of our Non Resident Clients as deemed by CRA and living outside of Canada, it is especially important to make sure you have a knowledgeable tax accountant familiar with the intricacies of NR Taxes and Non Resident status.  We highly recommend Robert R. McDonald C.A. and his team at CANADIAN EXPATRIATE TAX.  They have been providing exceptional service to many of our NR Tax clients over the years.  There is no incentive for us to recommend them and is done solely on the basis of merit and our experience with them for over 10 years.  For more information on NR Taxes from CRA, CLICK HERE.

Whether your taxes are simple or complicated, encouraging or challenging, EMC is here to help.  If you have any questions or if we can help in any way, don't hesitate to let us know.  Good luck!

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