Where Should I Invest? Real Estate Investing in Canada Insider Tax and BookkeepingTips for Real Estate Investors
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Apr 19, 2024 
Gabrielle Barnes, a skilled bookkeeper and tax preparer for real estate investors, shares her journey from criminology to finance. She emphasizes the vital role of organization and keeping receipts to maximize tax benefits. Gabrielle offers tips on navigating financial challenges, like inflation, and highlights often-overlooked deductions such as home office expenses and utilities. With humor, she discusses the risks of cash payments, the importance of proactive financial planning, and how to prepare for audits, ensuring investors are well-equipped for success.
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Policy Shifts Create Strategic Opportunities
- Policy changes create uncertainty but also open strategic responses like vendor take-backs.
- Diversifying locations and tactics can mitigate domestic tax policy risks.
Keep Receipts And Backups
- Keep every receipt and maintain hard copies plus digital backups to validate expenses.
- Use a bucket or simple system to collect receipts and sort them by property or category monthly.
Time Expenses To Lower Tax Brackets
- Time large discretionary expenses to years with higher income to reduce taxable bracket impact.
- Plan multi-year expense timing rather than treating each year in isolation.
