Hey everyone. First time poster here.
I'll try to keep this as concise as possible but I'm prone to rambling for the sake of covering all the bases but here we go!
I have an investment property in the Toronto area co-owned with my dad and we rent it out. I'm curious to know if and how I can take advantage of loopholes in the system to pay as little tax as humanly possible.
Over the last few days I've been conjuring up various ideas about incorporating a business of some sort and using that as a means to write off various expenses (phone, gas, material etc). Ie a property management company hired to look after the house or a general contracting company to take care of all maintenance.
Going a step futher, does anyone know any loopholes in avoid capital gains when it's time to sell? Is it possible to sell the house to a family member for less than what I paid to incur a capital loss?
Thanks!
How to beat the system?!
Moderator: Mark T Serbinski CA CPA