RE semi-newbie in Toronto, Canada

[Hadi Komeyl]

Hi all,

I live in the Greater Toronto Area (GTA). I am Civil Engineering E.I.T (Engineer in Training), specialization: Structures (i.e. structural steel and concrete), in the GTA area. I have worked at a few consulting firms as an EIT on heavy civil/structural consulting jobs. I have also worked on large condo development sites as a construction inspection. I am looking to shift my focus todays RE investing to gain freedom! to do what I want when I want!

I have been involved in my dad's RE investment ventures for the past decade, they were mostly passive (investments) in nature. I am interested in expanding my network and getting to know more people in city and the industry!

Considering my experience I would like to start my doing some renovation+flipping projects.

My biggest fear right now is TAXES. My understanding so far is that if I buy it & flip it through a company 100% of the profit is taxable (note that the big benefit: reduced liabilities). On the other end of the spectrum, buying it personally and living in it for one year will allow me to sell it without paying taxes on the profut. Alternatively, selling buying it personally, and flipping it within less than 1 year, the profits are considered capital gains (taxed @ 50%). Any help on this topic would be greatly appreciated!

I would also like to get involved in the BP so if there is anything anyone needs help with I'm here for you. I very good with anything numbers related (including excel), structural design (e.g. structural steel/concrete), and I know the GTA market well.

Feel free to add me a colleague to get more info on experiences and how I can help.

Thanks for reading my post! Looking forward to your response :D