Client Overview: A holding company specializing in residential real estate, requiring expert tax management for its property portfolio.
Challenges:
- Complexities in calculating CCA for multiple properties with varying acquisition costs, renovation histories, and rental incomes.
- Accurate allocation of shared expenses across the portfolio.
- Compliance with CRA regulations for residential rental properties.
ClearWealth Accounting’s Approach:
- Conducted a detailed analysis of the property portfolio, categorizing assets and expenses.
- Optimized CCA claims for each property to minimize tax liability while adhering to CRA rules.
- Developed a system for accurate expense allocation and income reporting.
Results:
- Accurate and compliant T2 return filing.
- Tax optimization through maximized deductions and efficient CCA utilization.
- Streamlined processes for future tax filings.
Conclusion:
ClearWealth Accounting Advisors effectively navigated the complexities of residential real estate taxation, delivering tax-optimized solutions and providing clients with confidence in their financial management. If you own and manage residential properties, contact us to simplify your tax compliance and optimize your returns.
