Tax Question:
How is the Goods and Services Tax (GST) applied to commercial real estate?
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Commercial Real Estate
Replacement Property Rules for Taxation
Tax Question:
What are the replacement property rules for taxation?
Facts:
In the normal course of business, a corporation may sell a property and purchase a replacement property. There are replacement property rules in place that can help a corporation defer income, capital gains or recapture of capital cost allowance.CONTINUE READING POST –>
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Tax Rules For The Disposition of Real Estate
Tax Question:
What are the tax rules for the disposition of property related to real estate?
Facts:
A disposition of property can be categorized as business income or as a capital gain or loss. There are various factors to consider in determining if the disposition is business income or capital for a corporation.
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Capital Cost Allowance for Real Estate
Tax Question:
What tax issues arise with capital cost allowance related to real estate?
Facts:
Capital cost allowance (CCA) is the tax term in Canada for the deduction of amortization on capital assets. There are separate classes of CCA for property, plant and equipment and different rates that apply to each class. There are some specific rules for claiming capital cost allowance related to real estate.
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Capitalization of Development Cost
Tax Question:
What costs are capitalized during the development phase?
Facts:
During the development phase or period of construction, there are many costs that are incurred. The majority of these expenditures are added to the capital cost of the property or to the cost of inventory.
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Real Estate Expenses During Pre-acquisition
Tax Question:
What are common real estate expenses during the pre-acquisition phase?
Facts:
There are various real estate expenditures that are deductible to the corporation and others that are capitalized or allocated to inventory. In this FAQ, we will discuss the real estate expenses that are deductible during the pre-acquisition phase as an operating expense to the corporation in the fiscal year that expenditures were incurred.
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Inventory Value of Real Estate
Tax Question:
What is the tax treatment of inventory valuation related to real estate?
Facts:
In real estate, once a property is being developed or held for resale it will generally be classified as inventory. It is important that inventory is valued properly as it can have a significant impact on net income year to year.
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