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David Ingram:
(I found your company in the 'ask the expert' section of Ozzie Jurock's
website. www.jurock.com )
I wanted to send an initial inquiry to make sure we were best
prepared for an eventual meeting with an accountant / tax professional
in a particular field. We are forming a small investment group within my
extended family and I want to know if you are knowledgeable about tax
law as it pertains to small income properties. We are looking at various
multi-tenant ideas, but I imagine we will start off with a building
around the $600-$800,000 dollar mark for our first property. Our first
property will be within BC. The purpose of the investment will be to
acquire a revenue generating property. Long term goals will be involve
the acquisition of more properties with the intention of keeping them
long term. The group will consist of three to four individuals. If you
have a moment, I am hoping you can set us off on the right foot before
we start full analyzing these properties.
Although we have our own accountants individually, I am more keen on an
advisor who is very familiar with this field. Please let us know if this
expertise falls under your realm. If so, I just have a couple of quick
questions. Please respond when you have the time.
1) Is there a particular structure that would work best for us? Should
we form a limited company and if we do, are there ways to maximize tax
exposure, such as writing off interest, depreciating building items etc.
2) Are some multi-tenant buildings different from others in terms of tax
benefits?
3) What service(s) would you or your company be able to provide for us
and what are your fees?
Thank you for your time,
Best regards,
HXXXXXXXXXXX
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david ingram replies:
1. A Limited Liability Partnership is the structure that would best protect individual investors from further liability and still allow them
to write off the expenses on their individual tax returns. However, it is more expensive to administer. A Corporation has a life of its own but does not flow tax deductions through to the members and if you have to fund it, all dollars are after tax. An ordinary partnership is the cheapest to administer, has the best flow through deductions but does expose the partners to more personal liability.
2. At one time, a frame building had a faster depreciation rate than steel and concrete. They are both the same now. No special write-offs from one building to another.
3. We are a licenced real estate company and we do accounting and / or income tax work for some 2,000 individuals and / or small companies.
Our specialty is cross border issues and there would be no one better if you were thinking of buying in Seattle or Florida as an example.
Accounting and Consulting Rates range from a low of $125.00 an hour to my charge of $350 an hour for cross-border tax consulting.
However, an ordinary tax return can still be done in the $75.00 range.
Rentals or self employed tax returns would rarely be less than $200.00.
To meet with your group which is Canadian only, I would likely charge $600.00 for a two hour consultation.
If the consultation was for US investment, I would likely charge you $700.00 -
People in our office include:
George Hatton, CA who is also licenced with Cartier Partners as a Mutual fund Rep and is our RRSP person.
Sonja Clark, CA, CPA, LLB, BSc, who is our cross border corporate and individual specialist,
D'Arcy von Schleinitz who although part time this year, has 16 years experience with us in US / Canada tax matters and loves sports and music figures with cross-border tax problems. D'Arcy is a short time away form his CGA. D'Arcy will not likely be taking any new clients this year.
Wendy Cook, an ex CCRA appeals officer who has just returned to us after a 10 year absence. Wendy is also a licenced Realtor who specializes in real estate and tax.
Gail Ritter, our chief at the moment who keeps me on the straight and narrow and has been with us for 5 years is also a US / Canadian Tax Preparer.
Katy Forward who will be part-time this year and is working on US / Canadian tax Matters.
and myself who you can check out at www.centa.com. I have been a licenced North shore realtor off and on since Nov 1965 and have participated in over 3,000 real estate purchases and over 3,000 real estate sales.
We are also looking for four more "experienced" US / Canada tax consultants on a full or part-time basis because we have two more locations to open this year.
Hope that this helps.
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321
[email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
This from "ask an income tax and immigration and bankruptcy expert" from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
multi jurisdictional cross and trans border expatriate problems for the United States, Canada, Mexico, Great Britain, the United Kingdom, Kuwait, Dubai, Saudi Arabia, South Africa, Thailand, Indonesia, Egypt, Antarctica, Japan, China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK, GB, American and Canadian and Mexican and any of the 43 states with state tax returns, etc.
income tax wizard wizzard guru advisor specialist consultant taxman preparer of Alaska, Alabama, Arkansas, Arizona,
California, Colorado, Connecticut,
Delaware, District of Columbia, Florida,
Garland, Georgia, Hawaii, Idaho, Illinois,
Indiana, Iowa, Kansas, Kentucky,
Louisiana, Maine, Maryland,
Massachusetts, Michigan, Minnesota,
Mississippi, Missouri, Montana, Nebraska,
Nevada, New Hampshire, New Jersey,
New Mexico,New York, North Carolina,
North Dakota, Ohio, Oklahoma, Oregon.
Paris, Rome, Sydney, Australia Hilton
Pennsylvania, Rhode Island, Rockwall,
South Carolina, South Dakota, Tennessee,
Texas, Utah, Vermont, Virginia,
West Virginia, Wisconsin, Wyoming,
British Columbia, Alberta, Saskatchewan,
Manitoba, Ontario, Quebec City,
New Brunswick, Prince Edward Island,
Nova Scotia, Newfoundland, Yukon and
Northwest and Nunavit Territories,
Mount Vernon, Eumenclaw, Coos Bay
and Dallas Houston Rockwall Garland
Texas Taxman and Tax Guru and wizzard
wizard - Your name has been added to our email list because of an enquiry we have received, we may not answer your question but
another similar question will be as we lump them.
You may find more answers at www.centa.com
If the number of messages is too many for you or the US / Canada Taxation and Immigration information is not of interest, simply reply with a remove request.
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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