RED FLAG

Always bring new accountants up to date on previous decisions!

If your accountant doesn’t know the history of your business, he
may inadvertently claim capital cost allowance on a property
without realizing he has just compromised your exemption on
your principal residence.

TIP #16: ONCE YOU DECIDE WHO OWNS THE

PROPERTY, YOU CAN’T CHANGE IT.

Decisions about whose name is on the title go way beyond tax.

Whose name should go on the title of your investment property? The
question sounds innocent enough and is usually asked in reference to tax
reduction. But that is only one consideration. From a business perspective,
decisions about whose name goes on the title of investment property need
to include future considerations like marital breakdown, which spouse is
more likely to get sued (professionals!) and other legal issues a lawyer
would have to address.
This tip zeroes in on the fundamentals of this decision to give novice
investors real insight into what’s behind the recommendations of their
lawyers and accountants. For a more sophisticated strategy whereby you