# Any Canadian books on real estate?



## Air Staff (Jan 16, 2013)

I'm looking for a Canadian book on dealing with taxes when it comes to real estate. Ie. what you can claim and write off and what you can't. I know a good accountant is recommended to do this for you but I would like to get a better understanding for myself. 

Thanks


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## Just a Guy (Mar 27, 2012)

There is no book that really covers this topic well. The basic rule is, once you own 3 or more properties, you can write off anything required to make money on the property. So that would be the obvious (interest rates, appliances, furniture, utilities, contractors, etc), and the less obvious (tools, mileage when going to the property to collect rent or view, parking when meeting at the bank, etc). 

It's touched on in the dummies books and the simple solution book a bit, don Campbell's books are a waste of money in my opinion...Ozzie jurock's doesn't really touch on taxes.

Maybe look into jax on tax.


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## Air Staff (Jan 16, 2013)

Thanks. Three or more properties or units? What can the new guy who only owns 1 or 2 write off?


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## My Own Advisor (Sep 24, 2012)

I used this when I had a rental condo unit.

Great Canadian book.

http://www.amazon.ca/Making-Money-Real-Estate-Residential/dp/0470836202


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## MoneyGal (Apr 24, 2009)

Everything you need is here, and it's both free and 100% accurate: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/126/menu-eng.html

See especially this guide: http://www.cra-arc.gc.ca/E/pub/tg/t4036/README.html


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## Air Staff (Jan 16, 2013)

Thanks


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## MoneyGal (Apr 24, 2009)

Air Staff said:


> Thanks. Three or more properties or units? What can the new guy who only owns 1 or 2 write off?


I have no idea why someone would say you can't write off expenses for only one property. :confused-new:


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## Just a Guy (Mar 27, 2012)

You can write off some expenses if you own less than 3 units, things like the interest, you can write off more expenses (like mileage) if you own more. The government differentiates you differently once you own more. Kind of like being a qualified investor.

Just looking here...

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/rntl/bt/rprt/xpns/mtr/menu-eng.html

And they may have changed it from 3 to 2, or there may be a similar line somewhere else that says you need 3 for other deductions.


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