Real File CPA

07/25/2025

Just in: CRA doesn't allow taxpayer to claim thousands in losses while renting to his mother

What went wrong? This Canadian taxpayer made some crucial mistakes that prevented his rental operation from qualifying as a business venture. Therefore, deducting rental losses against other income was disallowed.

What can you do to ensure your rental property is not considered a personal undertaking so you can reduce your tax payable by up to 54%?

Avoid his 2 main pitfalls:
✅Failure to rent a vacant property
- Despite full renovations and seemingly liveable property, the taxpayer never rented to a third party tenant after the passing of his mother. 3 years without an attempt to rent provided the judge with clear inconsistencies to his supposed pursuit for profit.

✅Informally maintaining records
- Certain "deficiencies and oddities” on the rent receipts, such as the rent being paid in cash, and the receipts being unsigned, coupled with the 3 year vacancy left the judge doubting that this was a business venture.

Ensure your business is compliant with the help of our tax experts so you can save big in taxes.

Reach out today by email: [email protected]

07/25/2025

Are you looking for ways to be strategic with your money and save big in taxes? The prescribed loan rate strategy can be taken advantage of despite changed income-splitting and family trust tax rules.

See how it works on our website: realfilecpa.com
(Link in bio)

07/25/2025

ATTENTION US REAL ESTATE INVESTORS

It’s official: 100% Bonus Depreciation is BACK! 🎉

The “Big Beautiful Bill” just passed the House—and it brings back full expensing for qualified assets, retroactive to 2025!

What this means:

✅ Immediate write-offs for business property & renovations

✅ Massive tax savings for real estate owners & investors

✅ A golden window of opportunity before the next sunset date

✅ Retroactive opportunities—even if you've already done a cost seg in 2025

💥 This is the biggest depreciation win since TCJA.

Whether you're holding rentals, warehouses, or commercial spaces…

Now is the time to act.

We'll make sure you’re positioned to take full advantage.

Connect with our tax experts today to maximize savings!
Email: [email protected]

07/24/2025

The federal government has just announced a new policy focused on putting more money back into the pockets of Canadians and addressing the rising cost of living.

Effective July 1, 2025, this new tax cut will reduce the lowest marginal personal income tax rate from 15% to 14%.

💭 Who Benefits?
The almost 22 million Canadians in the lowest two tax brackets will see the greatest relief (those earning less than $114,750).

💭 Total Impact?
The government projects $27 billion in tax savings over five years. Both single and dual-income households will see savings.

💭 How Can You Prepare?

✅ Update Your Tax Withholdings
If you’re self-employed or have complex income sources, you can contact the CRA to adjust your estimated tax payments. Reach out today to receive assistance from our team of professionals.

✅ Plan for Your 2025 Tax Return
Gather tax documents early and claim eligible credits

✅ Hire a Tax Professional
Our CPA's will help upgrade you and your business's tax strategy to bring you long-term savings.

At RealFile CPA, we are happy to assist with all your tax needs. Contact us today to start optimizing your finances.

Email: [email protected]
See the link in our bio to visit our website!

07/24/2025

Vacation Rental Losses: What You Need to Know

Thinking of writing off your rental property losses? Here’s how one couple did it and won in Tax Court.

✔️ Did their research & priced it right
✔️ Rented short-term with real effort
✔️ Budgeted, furnished, and marketed like a business
✔️ Adjusted strategy with guest feedback
✔️ Kept detailed records & eventually turned a profit

If you want to claim losses:

📌 Advertise your property consistently even during personal-use periods.
📌 Chronicle your strategy: budgets, guest feedback, repair logs, etc.
📌 Run your rental like a real business: insurance, upgrades, online listings.
📌 Keep detailed records and log expenses as they happen.

Treat your vacation rental like a business, and tax benefits may follow

Read the full details on our website realfilecpa.com and subscribe to our newsletter (link in bio) to never miss out on the latest tax news.

07/23/2025

Introducing REALBOOKS brought to you by Real File CPA, Canada’s Real Estate Tax Experts. Finally, a bookkeeping platform focused on Real Estate Investors, Builders, Contractors and Property Investors.

- Maximizing your write-offs and ensuring your records are always up to date
- Worry free monthly reconciling of all transactions
- Paper-free record keeping of all receipts and invoices
- Monthly reports generated by the 15th of every month, so you always know how your business is doing
- Quarterly meeting update with Real File CPA Senior accountants to discuss tax planning opportunities and strategies

Sound like the right fit to you? Reach out by email at [email protected].

Starting at $99/month

07/23/2025

🚨 NEW Federal Rebate for First-Time Home Buyers 🏡💰

As of May 27, 2025, first-time buyers of newly built homes could save up to $50,000 thanks to a full 5% GST rebate on homes priced up to $1M — and partial savings up to $1.5M.

✅ Must be a first-time buyer
✅ Canadian citizen or permanent resident
✅ Primary residence
✅ Purchase agreement signed on/after May 27, 2025

📩 Talk to our real estate tax experts and CPA's today to see how you can capitalize on this opportunity.
Email: [email protected]

07/22/2025

07/22/2025

A temporary measure presumed for the 2025 tax year will reduce mandatory minimum RRIF withdrawals by 25%.

Experts cite the variability of the proposal and past economic downturns as an indication to await further clarification on recontributing potential, advising that clients who have the flexibility to leave the RRIF minimum in the plan should do so for now.

Specific details will likely follow the soon-to-be-announced federal budget date set between May 26 and June 20. Follow for more updates.
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Want to learn more? Connect with our tax experts today!
Email: [email protected]

10/23/2024

Good News! The Bank of Canada has lowered its key interest rate to 3.75%, DOUBLE the size of the previous reduction!

As inflation concerns ease, this decision aims to support economic growth, which has been slowing under the weight of high interest rates. Governor Tiff Macklem stated, "If the economy evolves broadly in line with our latest forecast, we expect to reduce the policy rate further."

This is an important move for businesses and consumers alike, as lower rates can lead to reduced borrowing costs and increased spending. As your trusted accounting partner, we’re here to help you navigate these changes and optimize your financial strategies.
Stay tuned for more insights! 📊

10/21/2024

Join us to discover innovative strategies for business owners and investors to build and conserve wealth in today’s challenging economic landscape.
Secure your spot today! https://tinyurl.com/eventrealfilecpa

Event Highlights:
🔍 Insights from industry experts, including David Puotinen and Chris Karram
💬 Roundtable discussion featuring Rae Ostrander, President of Green Thumb REIT
👨🏼‍💼 Networking opportunities with like-minded professionals
🍹 Refreshments and light fare provided

Date: Monday, November 18
Time: 6 - 9 PM EST
Location: Sheraton Parkway Toronto North Hotel & Suites
Online Access Available!
Limited to Real File CPA clients and invited guests.

08/20/2022

We are coming off a great event in Vancouver with clients. We discussed some simple, practical and ESSENTIAL steps you can take to get the information needed to make a better risk assessment of investments in mortgages, partnerships, REITs, as well of investments that will be self-managed. Unfortunately, so many investors are not taking these simple steps and have found themselves in extremely challenging situations as a result of the investment failures we are seeing all around us right now.

There are lots of great opportunities in the market and there are many more to come. This is not a time to be afraid to invest – but it is a time to brush up on your due diligence practices to flush out the potential landmines!

Grab your spot here:
https://www.eventbrite.com/e/fall-workshop-toronto-client-dinner-tickets-391114302407