All Forum Posts by: Kate H.

 Hi Jack. Late to the conversation, but I moved to Ottawa 3 years ago and bought a duplex. Have you moved here and/or bought a property yet? Would be happy to chat any time. I'll also DM you.

Canadians, especially those in Ottawa or anyone who gets property assessments through MPAC- how do you divide the value of your property between land and building for tax purposes? I looked at my property value assessment at aboutmyproperty.ca and can't find any split between land and building portion of the assessed value. The assessments I got for my properties back in the US would have a land and/or building portion, which is how most people would split their property value for the purpose of depreciation. Is there some section I'm missing? Or are people using other methods for getting land value for the purpose of calculating depreciable basis?

I have a question about New York City income tax that I'm having trouble finding a definite answer to, which is whether capital gain from selling NYC rental real estate shortly after moving out of NYC is subject to NYC income tax. 

I lived in NYC for a number of years but permanently moved out of the US in May 2018, so I was a part year resident of NY state and NYC for 2018. I was in the process of selling rental real estate in NYC when I moved away. The contract was signed shortly before my move, but due to complications with a violation that the buyer wanted removed and that the Department of Buildings kept stalling on, the sale did not close until after I had moved. Is the capital gain on this sale subject to NYC income tax? 

I believe NYC taxes based on residency, and income received or earned while one is a NYC resident is subject to NYC income tax. Since I was no longer a NYC resident when the sale closed, is the capital gain not subject to NYC income tax? (I know it is still subject to NY state and federal income tax, but only wondering about NYC). I would argue that I did not earn the sale before leaving because one condition of the sale was to remove the violation, which should have been simple, but the DOB kept dragging things out and demanding more. I actually had to lower the sale price to get the sale to close subject to the violation. 

For those of you who own your properties yourself and use an assumed name, can you use your assumed name on Landlord Tenant Board notices, including N1 Notice of Rent Increase for those of you in Ontario?

Did you have to officially register your assumed name with your province?

Yes, that's what I am thinking of doing, using a "doing business as" name. But it seems that in Ontario, a sole proprietor would need to register the doing business as name? And maybe also obtain a Master Business Licence??

https://www.ontario.ca/page/registering-your-business-name

Glad to hear of another person confirming my decision not to put my property in a corp. But operating as a sole proprietor, do you operate your rentals under your legal name or under an assumed name? I'm debating whether I should register an assumed business name, not for tax reasons as I would still be just a sole proprietor, but for more privacy (so my legal name is not thrown out everywhere) and for a more professional image.

1) US citizen and Canadian PR. I didn't go the corporation route partly because of the double taxation issue. I can't create a partnership as I am the sole owner. I decided on sole proprietorship but am considering whether to use a business name rather than operate under my legal name.

2) Cash

3) Currently working for a company, but I'm not sure for how much longer. Eventually my income will likely be equally distributed among rental income and self employment income (another unrelated business that I will likely incorporate with non-US citizen partners).

Btw I'm also interested in investing in and spending some time in Montreal in the next few years.

I just bought my first property in Canada, a duplex with 5 tenants, and for various (most tax related) reasons, I have decided to operate the rental as a sole proprietor.

I'm considering whether to register a business name to operate my rentals under, mostly to have a greater degree of privacy and professionalism. I came from the US, where I felt most comfortable operating my rentals under an LLC I owned, but that option is not available here in Canada and for various reasons, I don't want to form a corporation.

Do any of you sole proprietor Canadians operate your rentals under a business name, or do you just use your real name? What are the advantages and disadvantages?

I'm in Ontario if that matters. Some drawbacks to using a business name that I am noticing are that one must pay $80 for each registration or renewal, and the name must be renewed every 5 years. And maybe one would need to get a Master Business Licence??

https://www.ontario.ca/page/business-information-g...

https://www.ontario.ca/page/registering-your-busin...

http://www.forms.ssb.gov.on.ca/mbs/ssb/forms/ssbfo...

When I was landlord in the US, I gave my tenants a few choices:

- Go to my bank and deposit the rent into my account. I gave them my account number and bank name, and it was with a large bank with many branches near the property and all over the city.

- venmo or paypal

- for tenants near or in the building where I was living, I also allowed cash

- one tenant strongly preferred to pay by check and would leave checks for me to deposit for the next month or two for me to pick up when I went to the property

I recently moved to Canada and bought my first property in Canada a few days ago and have asked the tenants to e-transfer me the rent going forward.