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Hello:
I'm curious if any guru's can help me out here.
The wife and I currently own a condo as a rental property. We also currently rent out a suite in our own home.
We currently do this as our own assets, but we've been thinking more and more that the next investment condo should perhaps be held under a corporation; for the tax savings and removal of liability.
Over the years we have talked to some tax professionals about this, and they all did some hand waving and never really gave us a straight answer. Two such answers we received was:
"It's not worth it until you have two or more properties."
and
"Only do it if you look forward to higher accountant fees."
At the time we didn't ask more questions, and rather blindly trusted them; but now I'm starting to think it might be better to nail down the truth as to whether this makes sense or not.
Does anyone know the benefits of doing this? I'd particularly like the opinions of any who have done this before.
Cheers,
-e-
I'm curious if any guru's can help me out here.
The wife and I currently own a condo as a rental property. We also currently rent out a suite in our own home.
We currently do this as our own assets, but we've been thinking more and more that the next investment condo should perhaps be held under a corporation; for the tax savings and removal of liability.
Over the years we have talked to some tax professionals about this, and they all did some hand waving and never really gave us a straight answer. Two such answers we received was:
"It's not worth it until you have two or more properties."
and
"Only do it if you look forward to higher accountant fees."
At the time we didn't ask more questions, and rather blindly trusted them; but now I'm starting to think it might be better to nail down the truth as to whether this makes sense or not.
Does anyone know the benefits of doing this? I'd particularly like the opinions of any who have done this before.
Cheers,
-e-