Q: What kind of expenses are deductible against rental income?

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1 In General Q: What kind of expenses are deductible against rental income? Thinking about purchasing a rental property? And you would like to learn more about tax considerations pertaining to such a buy? This flyer presents an overview of tax guidelines and tips with respect to the purchase of a rental property. Contents In General Sales Taxes Financing Nonresident Schedules UPDATED, JANUARY 2005 A: Deductible expenses are: mortgage interests, property taxes, property insurance, maintenance costs, heat, light and water costs, salaries/wages paid to superintendents, maintenance workers and other persons employed in operating or supervising the property, accounting expenses, legal fees (other than related to the acquisition of property, which must be capitalized), some travel expenses, property management expenses. Q: Is the cost of the property deductible against rental income? A: For Canadian tax purposes, the cost of a property and its furnishings may be depreciated (4% and 20% declining balance respectively) for income producing properties. In the year of acquisition, only half of the depreciation is allowed. Expenses that are of capital in nature (windows, floors, roof, Q: What are the tax consequences upon the sale of the property? A: Should the value of the property increase since the acquisition, a capital gain will be realized upon disposition. When determining the gain, you should consider any improvement made to the property and reflect such expense in the cost basis. Therefore, it is important to keep records and bills pertaining to renovations. Capital gain has a preferred tax treatment in Canada: only half of it is added to the taxable income, being taxed at an effective Sales taxes Q: May I be exempt from the Goods and Services Tax (GST) and Quebec Sales Tax (QST)? A: With regards to the purchase of new real estate, the customary 7% federal and 7.5% Quebec sales taxes are applied. However, the purchaser may apply for a full sales tax exemption, whether he is a Canadian resident or not, if the property can qualify as rental income producing Q: Are GST and QST applicable on rental income and rental expenses? These expenses may be deducted in full should the property be used completely for business purposes. Should these rental expenses exceed the rental income in a taxation year, the resulting loss may be deducted against any income of a Canadian taxpayer if the rental activity is managed sufficiently as a business. However, the Ministry of finances of Canada recently announced that there would soon be new rules to restrict the losses in some situations. etc.) are not allowed as deductions against rental income, though increasing depreciable value of the property, thus allowing a bigger depreciation expense. Such expense reduces the net rental income of the year. However, depreciation may not be claimed to create a rental loss for any taxation year. rate of up to 50%. Thus, maximum tax payment should be about 25% of the gain. Furthermore, should the owner of the property choose to take depreciation on the property at any time since the acquisition, he will also be subject to a recapture of depreciation, taxable at the time of selling. Should the selling price be lower than the property s undepreciated balance, the resulting terminal loss may be deducted against income from any source. property, used on a personal or residential basis by the owner less than 10% of the year (maximum 36 days or 9 days if buying a quarter share in a property). The purchaser must register with both governments for GST/QST administration purposes before purchasing the property. A: GST and QST apply to rental incomes. Your rental agent charges these taxes on the rental income payable by the tenants and remits them to you, with your monthly rental income payments. Then you must remit them to the tax authorities for each declaration period (annually or quarterly) using the prescribed form sent by the government after your registration. Q: What are the sales tax considerations during the acquisition of a used property? A: If the seller used the property for personal purposes, the sale will be exempt from sales tax for the buyer. If the property was used by the seller in rental or commercial purposes, the sale will be taxable in the same way as if the building was new. So, if the buyer decides to use the building for rental or commercial purposes, he will not have to pay out the sales tax at the time of the acquisition. This amount will be reported at the first declaration of sales tax following the acquisition and an equivalent deduction can be taken at this moment (tax credit) so that the acquisition will be exempt of sales tax. If the buyer decides to use the building for personal purposes for more than 10 %, he will not be exempt from paying the total taxes payable at the acquisition. The sales tax will then be payable at the acquisition according to the proportion of estimated personal use.

2 Financing Q: Am I better off borrowing the down payment? A: For Canadian tax purposes, mortgage interests pertaining to incomeproducing property is fully deductible. However, the Ministry of finances of Canada announced that there would be new rules to restrict the deductibility in some situations. Therefore, money should rather be borrowed for investment than personal purposes. Q: If I presently own a corporation with cash surplus, should I buy the property through my corporation? A: If you own a corporation that has surplus, buying the property through it may result in immediate tax savings, i.e. taxes to be paid by the shareholder on dividends required to purchase the property on a personal basis. Nonresident From a financing perspective, borrowing money for investment purposes is always a question of economical performance. The investor compares the interest rate (net of tax) offered by other vehicles versus interest rates on borrowings (net of tax after deduction). If you are a nonresident, you should detain the property directly to take advantage of the gradual rate of taxation. Q: What are the tax considerations for rental income on Canadian property that is paid to a nonresident of Canada? Such withholding is deducted from your monthly rental A: Your rental agent must collect a 25% withholding tax payments. Your rental agent provides you, at the end of on your gross rental income and remit it to the Canada the year, with an NR4B slip showing gross revenues and Revenue Agency, should you be a nonresident of income tax paid during the year. This slip allows you to Canada. claim a foreign tax credit for income taxes paid to Canada in your home country s income tax return. Our company A leader for the past ten years, aiming at assisting private and public companies in all stages of their development. Our multidisciplinary team constituted of several professionals has for a mission to accompany you in reaching your goals. Our services Auditing and accounting Canadian taxation and commodity taxes Research and development International taxation Valuation and financing Value added services Q: Is there an alternative for the nonresident? A: Yes. If you choose to file a tax return under section 216 of the Income Tax Act, you may get a refund of all or part of the income tax withheld. The rental income is then taxed on a net basis, rental expenses being deducted against gross rental income. Any income taxes paid in surplus shall be refunded to you upon filing of a Canadian income tax return showing taxes to be paid (withholdings may be regarded as tax installments). Q: What should I do in order to maximize my tax deductions throughout the year? A: You should keep all your receipts with respect to any rental expenses in order to maximize your tax deductions at the end of the taxation year. Q: Can a US resident deduct rental losses in their US tax return? A: US resident can deduct rental losses against passive income (excluding portfolio investments like interests, dividends, etc.). If you actively participated in You may also reduce your monthly withholding taxes by completing and returning federal form NR6 at the beginning of each tax year, followed by a Canadian tax return filed in the proper delay. The withholding tax should then be calculated on net rather than gross income. (see Schedule A) a qualified real estate rental activity, you may deduct up to US$25,000 of losses from active income (allowance reduced for modified AGI over US$100,000). Q: What are the consequences when a nonresident sells a Canadian property? Luc Dupuis, CA, M. Fisc. Tel: (450) , #218 Pierre Sauvageau, CA Tel: (450) , #242 Chantale Couture, CGA Tel: (450) , #206 Claude Gauvin, B.A.A. Tel: (450) , #230 A: At the moment of the sale, the legal representative (notary) retains the amount of the sale in trust and the nonresident must apply for certificates with respect to the disposition of property by a foreign resident. The legal representative will be responsible for the payment of the expenses related to the sale and will remit the applicable provision for income taxes to both levels of government (federal: 25%, Quebec: 12%). Then, the remaining amount held in trust will be remitted to the nonresident upon reception of required certificates by the legal representative (a delay of approximately 2 months may be required). It is important to inform us as soon as possible of the sale so we can prepare your file to obtain these certificates from the tax authorities. A delay could incur penalties. In order to state the value of capital gain realized, the nonresident files an income tax return on or before April 30 th of year following disposition. Since an installment is made previously at a higher rate, the nonresident shall receive a tax refund equivalent to the difference between the effective taxes to be paid and withheld taxes (See Schedule C).

3 WITHHOLDING TAX SCHEDULE A Income from property owned in Canada by a nonresident is subject to withholding tax at the rate of 25% of gross revenues. This is obviously quite high. However, it is usually possible to reduce the tax that you pay by completing the NR6 form. This form, once signed by a Canadian Agent, filed and accepted by Canada Revenue Agency, reduces the withholding tax to 25% of the net profit. There is a significant difference between 25% on gross revenues and net profit of which would be better off in your pocket. NR6 FORM We can estimate the annual revenues and expenses of your property depending on you purchase price, the amount financed and the given interest rate (See Schedule B). The following information is also needed: NAME AND ADDRESS OF OWNER(S) % OF OWNERSHIP DATE OF BIRTH NONRESIDENT TIN NUMBER * * This is an identification number issued by Canada Revenue Agency and will appear on most correspondence from the Canada Revenue Agency to you. You may not have a TIN if this is the first year that you are completing an NR6 Form or filing a Canadian income tax return. Also, note that no depreciation can be claimed on the NR6 form. As well, it must be completed annually in order to qualify for withholding tax relief. So, even if you had an approved NR6 form in the previous year, you will need to fill out a new one for the coming year. It is imperative that the NR6 form be filed before the beginning of the new year in order to ensure that there will be withholding tax relief for the entire year. APPOINTING AN AGENT You will note that, in your NR6 form, you are free to select any resident of Canada (including a corporation) to act as your Canadian Agent. As a service to the owner, your rental agent may act as your Canadian Agent.

4 SCHEDULE B Estimated rental income and expenses for the period from January 1 to December 31, 2005 Name of property and unit number Gross Rental Revenue Other Revenue Total Revenues for the period Mortgage Interest Insurance Property Taxes Rental Management Fees (Property Fees) Association villegiature Legal and Accounting Fees Telephone Cable TV Electricity (Hydro) Repairs and Maintenance Supplies Miscellaneous Total expenses for the period Estimated net income (Loss) for the period

5 Effects of a Canadian property sale for a nonresident* SCHEDULE C Sale during 2004 Preparation of income taxes in February 2005 Calculation for withholding tax Calculation for effective tax Sales price $177,000 $ Minus: Expenses related to sale: Real estate agent fee Notary fee Accountant fee Registration fee $8,512 $750 $800 $174 Net sale income $177,000 $166,764 Purchase price $132,000 $132,000 Plus: Expenses related to the purchase Notary fee Property transfer tax $1,127 $988 $1,127 $988 Net purchase cost $134,115 $134,115 Gross profit $42,885 Capital gain $32,649 Exemption (1/2) ($16,325) Taxable income $16,325 Refund Federal (25%) $10,721 $2,181 $8,540 Provincial (12%) $5,146 $2,612 $2,534 $15,867 $4,793 $10,955 * The tax rates used in this presentation are valid for year 2004.

6 Our fees for the preparation and filing of the 2004 returns for individual taxpayers are as follows: SCHEDULE D With Spreadsheet Without Spreadsheet START UP FEES $CAD $CAD Start up fees for the first year CND$ $300 $300 (i.e., various tax advice, obtaining all information and documents, communication with notaries, financial institution, your accountant, etc.) Registration for sales tax numbers $250 $250 ANNUAL FEES TOTAL $550 $550 Section 216 Canadian NonResident Income Tax Return $300 $450 Annual GST/QST Return $175 $225 NR6 Form $150 $150 Disbursement (long distance phone calls, postal fees, etc.) $50 $50 Followup (correspondence, phone or s, information requests by you or authorities) 1 TOTAL $675 $875 If the rental property is purchased through a legal entity, such as a partnership, corporation or trust, we can provide a quote for our fees according to your specific needs in Canadian or US tax return filings. These are the fees for preparing the return for one property with one or two owners. For each additional property, $125 will be charged to complete all returns. For each additional owner, $75 will be charged to complete the income tax return. For each additional sales tax registrant, $75 will be charged, starting after the first coowner. In all cases, the fees quoted are subject to the owner providing the requisite information as specified by GALLANT DUPUIS TREMBLAY SAUVAGEAU LLP. Additional charges may apply if all necessary information is not provided. The general fees, as described above, will apply where the information is provided on time and is complete as described in the attached checklist. GALLANT DUPUIS TREMBLAY SAUVAGEAU LLP standard rates will apply where additional time or services are required. These fees do not include the followup demands during the year, by you or authorities, and the charges will be billed separately according to our current hourly rates. 1 Extra charges to be billed according to time spent on file.

7 Dear NonResident Owner: It is desirable to have a clear understanding of the terms of our engagement as preparer of your NR6 form, your Canadian Section 216 Income Tax and GST/QST returns for the 2005 taxation year. It is understood and agreed that you will provide us with accurate and complete information necessary to complete such income tax and sales tax returns. We will prepare these returns with the information provided to us. We will not audit, review or otherwise attempt to verify the accuracy or completeness of any information provided. The responsibility for the accuracy and completeness of the information in the Income Tax and GST/QST returns remains with you. We will stay available to assist you in providing additional information or explanations related to your returns should any taxation authorities request it. We wish to emphasize that this engagement does not include an audit or verification of the information provided to us. Our professional fees will be based upon our normal standard rates and are due when services are rendered. Interest will be charges on all overdue account at 2% per month (24% per annum). The above terms of our engagement as tax returns preparer shall remain operative until amended. Yours truly, Luc Dupuis, CA, M. Fisc. Pierre Sauvageau, CA I/We agree with your understanding of the terms of our engagement as set out in this letter and authorize you to prepare my/our income tax and GST/QST returns. Name Date Name Date

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