Selling real estate in Canada is not only about finding a buyer and getting the transaction done rather it is a more complex process. To avoid potential traps and enhance financial gains it is utmost important that tricky tax effects are clearly understood. It is essential that the tax landscape and its intricacies are well understood whether you are selling your residence, an investment property, or a vacant land. In this thorough guide, we will dive into the world of real estate taxation in Canada while focusing on in-depth insights and practical approaches so that wise decisions can be made while selling a property.
When selling price exceeds the adjusted cost base while selling an asset such as real estate, stocks, or other investments, capital gains tax in Canada becomes applicable. This tax is imposed on real estate specifically when an increase in value of that property occurs over time.
Property's adjusted cost base (ACB) is subtracted from the selling price to calculate the capital gains. Expenses spent on maintaining and repairing the property are also included in the original purchase price. These expenses may include legal fees, real estate commissions, and costs related to renovations or improvements that increase the property's value.
It's important to differentiate between improvements and repairs when it comes to enhancements. Improvements are enhancements that add value to the property such as washroom renovations or adding a deck. Whereas repairs are maintenance tasks that keep things in running condition such as fixing a leaky faucet or repairing a broken window. Though both have costs involved, improvements have an impact on adjusted cost base of the property for capital gains tax.
The principal residence exemption is a valuable advantage that Canadian homeowners can benefit from while selling their primary residence. Capital gains are not included in taxation when benefiting from principal residence exemption under certain conditions.
Property must be entitled as the taxpayer’s principal residence for every single year of possession to qualify for the principal residence exemption. Keep in mind that only one property can be labelled as principal residence for a specific year.
By taking advantage of the principal residence exemption, homeowners can reduce their tax numbers significantly. However, to maximize tax savings and optimize financial outcomes its important to ensure compliance with the eligibility criteria and measure capital gains correctly.
It is crucial for individuals to understand the tax liabilities while selling properties such as rental units or vacation home. The sale of investment properties increases capital gains tax manifolds when the profit is calculated. This impacts the seller’s net proceeds. Sellers may even face the depreciation costs recurrence that was once claimed on the property which will further complicate things in terms of taxation. This is why tax planning strategies should be an integral part of everyone’s life. Implementing these strategies such as timing the sale to optimize tax benefits or utilizing available deductions can yield maximum financial returns for investors and minimize payable taxes.
Understanding how capital gains tax applies to transactions while selling a property is crucial as it can have a significant tax impact. Any capital gains acquired from the sale on their income tax return from selling an investment property are to be reported. The capital gain is calculated by subtracting the property’s adjusted cost base (ACB) from the selling price. Not only the purchase price but any expenses spent on maintaining or improving the property are also included in the ACB. Depreciation costs claimed previously on the property can also be imposed on the sellers while selling the property. By understanding these intricacies of tax implications while selling an investment property, sellers can make informed decisions and minimize their taxes.
Different tax rules apply to investment properties than primary residencies which is why it is essential that sellers pay attention to tax implications before putting their property on sale. Primary residences may qualify for principal residence exemption, but investment properties are subject to capital gains on any profit incurred from the sale. On top of this, sellers may be required to pay the depreciation costs once leveraged which further increases the tax liabilities. This is where accountants in Canada come in handy. They may implement tax planning strategies and help sellers utilize available deductions which will ultimately maximize financial returns for investors.
The decrease in value of a property over time due to wear and tear is referred to as depreciation. Property owners in Canada can claim these depreciation expenses through the Capital Cost Allowance (CCA) for income tax purposes. Property owners are allowed by the CCA to deduct a portion of the property’s cost from their taxable income every year.
It is crucial to understand that when selling the property, any depreciation claimed under the CCA can be included in the property owner’s income for the year of sale. This depreciation cost will be taxed at regular income tax rates of that specific time. The depreciation costs should be calculated accurately before selling the property to avoid any unwanted surprises at the time of sale.
Certain real estate transactions may be subject to GST or HST, particularly the sale of new or substantially renovated residential properties. While this tax can add to the overall cost of the transaction, understanding the exemptions and rebates available is essential for minimizing tax burdens. Sellers of primary residences may qualify for exemptions or rebates, providing relief from GST or HST liabilities. Understanding the complexities of GST/HST regulations requires careful attention to detail and proactive tax planning to optimize financial outcomes.
Fulfilling reporting requirements is a critical aspect of selling real estate in Canada, ensuring compliance with tax laws and regulations. Sellers must accurately report capital gains or losses on their income tax returns and, if applicable, submit additional forms such as the T2091 (Principal Residence Information) form to claim the principal residence exemption. Adhering to reporting obligations minimizes the risk of penalties or audits and provides peace of mind for sellers during the transaction process.
Engaging in strategic tax planning before selling real estate is essential for optimizing financial outcomes and maximizing tax savings. Consulting with a tax advisor or accountant can provide valuable insights into tax-saving strategies tailored to the seller's specific circumstances. Tax-deferred exchanges, structuring transactions to maximize deductions, and leveraging available tax credits are just a few examples of strategies that sellers can employ to minimize tax liabilities and enhance their financial position. By proactively managing tax implications, sellers can achieve favorable financial outcomes and maximize their net proceeds from real estate transactions.
Seeking professional guidance from a qualified tax advisor or accountant is highly advisable as taxes in real estate are quite complex. These professionals can offer personalized advice tailored to the seller's unique situation, providing clarity and expertise throughout the process. By using their knowledge and experience, sellers can understand the complexities of real estate taxation with confidence. This helps in making informed decisions to optimize financial outcomes and achieve desired objectives.
In conclusion, selling real estate in Canada involves directing a complex web of tax regulations and considerations. Understanding the complexities of real estate taxation, leveraging tax-saving strategies, and seeking professional guidance are essential for maximizing financial outcomes and minimizing tax liabilities. Whether selling a primary residence or an investment property, sellers can empower themselves with knowledge and expertise to navigate the complexities of real estate taxation effectively. By taking a proactive approach to tax planning and compliance, sellers can optimize their financial position and achieve their goals in the Canadian real estate market.
If you need help completing and filing your return, meet with a tax professional at Filing Taxes. We take the time to listen and strategically analyze your complete financial picture to deliver tax planning that fits your life today and tomorrow. Our team will work with you to help you understand the solutions available to you and chart the best path forward.
To learn more feel free to reach out to Filing Taxes at 416-479-8532. Schedule an NTR engagement appointment with us and take the first step toward proper management of your finances.
Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your personal situation and is not intended to be used without consultation from accounting and financial professionals. Salman Rundhawa and Filing Taxes will not be held liable for any problems that arise from the usage of the information provided on this page
Canadian citizens and residents who own residential properties should familiarize themselves with the Underused Housing Tax’s (UHT) various provisions to understand how they may be impacted.
What Is the Underused Housing Tax (UHT)?
The UHT is described as a one-percent tax on the value of non-resident, non-Canadian-owned residential real estate that is considered to be vacant or underused.
While the tax is generally aimed at non-residents of Canada, many may not know that there are situations where the rules could apply to Canadian citizens, Canadian residents, and corporations. They generally won’t have to pay the tax, but they do have to file a return and claim an exemption.
Where a return is required to be filed or a payment is due, the due date is April 30.
Who has to file a return for UHT?
All registered owners, unless they are an excluded owner, are required to file a return (the UHT-2900) along with a complete declaration of current use for each Canadian residential property they own.
Who is a Registered Owner?
You would be considered an owner for the the purposes of the UHT if any of the following apply:
You are not considered an owner of a residential property if you give continuous possession of the land on which the property is situated to either of the following:
Who is an Affected Owner to File UHT?
If you are an owner of a residential property in Canada on December 31 of a calendar year and you do not meet the criteria of an excluded owner of the residential property on that date, you are required to file an annual return.
If you are an individual and meet any of the following criteria, you may be classified as an affected owner and required to file a UHT return:
If a non-individual owner meets any of the following criteria, it may be classified as an affected owner and required to file an annual return:
*Any capacity means that a person is an owner of residential property in Canada in any of the following capacities: their own right; as a trustee of a trust (including as a personal representative of a deceased individual, but excluding as a trustee of a trust that is a mutual fund trust, real estate investment trust or SIFT trust for Canadian income tax purposes); or as a partner of a partnership.
Residential property owners can be categorized into three groups:
The rules require residential property owners (with some exceptions) to file an annual UHT return (Form UHT-2900), even if only to claim an exemption from the tax. As a result, many Canadian corporations, partnerships, and trusts — including those with no foreign ownership or foreign beneficiaries — that hold residential property are required to file a return for each property annually even where no tax is payable. Significant penalties apply if the UHT return is not filed on time.
Which Owners are Excluded From the UHT?
An excluded owner is not subject to the UHT and is not required to file the annual UHT return.
Which Residential Properties Will be Subject to UHT?
Residential property is defined as property that is either of the following:
Definitions:
Unless an exemption is available, the UHT applies to residential properties located in Canada. Residential property includes:
What are the Available Exemptions for Residential Properties?
For affected owners, certain characteristics or use of the property may exempt a residential property from UHT for a given calendar year. An annual return must be filed to claim the exemption.
What are Non-Residential Properties for UHT Filing
How is the UHT Calculated?
The UHT is determined using the following formula [1% of property value] X [person’s ownership %]. The value of a residential property can be determined using one of two methods:
1. Taxable Value
The greater of:
2. Fair Market Value
Fair market value can only be used if the owner files an election to use this method for the property (the election is included on Form UHT-2900). The owner must obtain an appraisal of the property by an accredited, arm’s length real estate appraiser.
How to File the UHT and Any Elections
Affected owners must submit a 6-page form for each of their residential properties, even if they don't owe the tax. You must have a Social Insurance Number (SIN), Individual Tax Number (ITN), or a Canadian business number (BN) with an Underused Housing Tax (RU) program account identifier code before you submit. The UHT-2900 return can be filed by:
What are the UHT Filing Requirements
Below is a summary of certain information that must be included on the UHT-2900 form if you are an affected owner.
What Happens if an Affected Owner Does Not File the Annual Return?
Failure to file each annual UHT return can result in significant penalties:
Additional penalties and interest apply on outstanding taxes that are not paid by April 30 following the reporting year.
In addition to penalties and interest, failure to file the annual return can result in certain exemptions no longer being available to the owner for that year, resulting in taxes payable. Other penalties may be assessed for failure to provide required information, false statements or omissions, or failure to file under gross negligence.
Still, in Doubt, Ask for Advice From a Professional Accountant
If you owned a residential property (especially if you owned that property in a corporation, partnership, or trust) on December 31, we encourage you to speak to an expert accountant to find out if you need to file a return and whether you can take advantage of one of the exemptions available.
If you need help completing and filing UHT, meet with a tax professional at Filing Taxes. We take the time to listen and strategically analyze your complete financial picture to deliver tax planning that fits your life today and tomorrow. Our team will work with you to help you understand the solutions available to you and chart the best path forward. Don't let the practice of DIY Accounting become the culprit behind draining your business.
To learn more feel free to reach out to Filing Taxes at 416-479-8532. Schedule an NTR engagement appointment with us and take the first step toward proper management of your finances.
Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your personal situation and is not intended to be used without consultation from accounting and financial professionals. Salman Rundhawa and Filing Taxes will not be held liable for any problems that arise from the usage of the information provided on this page.
In the latest budget, the federal government introduced a new savings vehicle for the purchase of a first home. Let’s find out the details of this new program.
What is it?
The Tax-Free First Home Savings Account (FHSA) is a new tax-sheltered account, similar to an RRSP and TFSA, that you can use to save for the purchase of your first home.
Am I eligible?
You will be eligible if:
How much will I be allowed to contribute?
Your annual contribution limit is $8,000. Your lifetime limit is $40,000. You would be allowed to carry forward unused portions of your annual contribution limit up to a maximum of $8,000. The carry-forward amounts can be claimed on top of the $8,000 limit in a subsequent year.
Do I get a tax deduction when I contribute?
Yes, just like RRSP contributions, contributions you make to the FHSA are tax deductible.
Are my gains sheltered within the account?
Yes, any gains earned within the FHSA are tax-sheltered.
What happens when I make withdrawals?
Amounts withdrawn from the FHSA are non-taxable as long as they’re used to buy your first home. Amounts withdrawn from this account for any other purpose would be taxable.
You will only be able to make a withdrawal for a single property in your lifetime. Once you have made a qualifying withdrawal to buy your first home, you will be required to close the account. You also will not be able to open another FHSA.
Can I transfer amounts from the FHSA account to an RRSP/TFSA account?
You’re allowed to transfer amounts within your FHSA to an RRSP account. This transfer would be tax-free, and will not reduce your RRSP deduction limit. Unfortunately, you cannot transfer to a TFSA account.
You can also transfer funds from an RRSP account to a FHSA account. These transfers are tax-free and subject to the contribution limits mentioned above.
What happens if I don’t buy a home and I don’t transfer to an RRSP?
If you have not purchased your first home within 15 years of opening your FHSA account, you will be required to close your FHSA account and transfer the funds to an RRSP account.
Can I withdraw from my RRSP under the Home Buyer’s Plan and the FHSA account?
Yes, you can. Originally you were not able to, but the federal government amended this rule and now you can withdraw simultaneously from the FHSA and the Home Buyers’ Plan as long as you meet the criteria.
Will I be able to claim the Home Buyer’s Amount when I withdraw from the FHSA?
Yes, as long as you meet the conditions of the Home Buyers’ Amount.
When can I open an account?
You will be able to create your account sometime in 2023.
Conclusion
Filing Taxes concisely deals with several complex issues; it is recommended that accounting, legal, or other appropriate professional advice should be sought before acting upon any of the information contained therein. Our experienced and professional team at Filing Taxes is here to set you on the right path considering your personal business situation. Feel free to reach out to Filing Taxes at 416-479-8532. Schedule an NTR engagement appointment with us and take the first step toward proper management of your finances.
Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your personal situation and is not intended to be used without consultation from accounting and financial professionals. Salman Rundhawa and Filing Taxes will not be held liable for any problems that arise from the usage of the information provided on this page.
What are the tax expenses left out by the realtors?
Many realtors think that incorporating as a Personal Real Estate Corporation (PREC) will give them most of the benefits of incorporating itself. Unfortunately, only wishing about tax planning goals will not work for you; you must work for them.
In most cases, realtors don’t have a clear understanding of how tax planning works in the corporation and what are the main deductions/expenses allowed. If audited by the CRA, what documents do they need to defend themselves?
In this article, we will focus on the expenses that real estate professionals can deduct legally. This is equally applicable to realtors working as self-employed or incorporated (PREC). Honestly speaking, the things we are going to discuss are not big secrets. One would expect all real estate professionals to understand them, but in reality, we get surprised by the questions we receive from our clients. Gaining some understanding of the tax system will help realtors a great deal.
Why expenses are missed out?
First, let’s see why these expenses are missed out.
1) Missing bookkeeping. The main reason we find is deferring the bookkeeping till the year-end; typically, till March or April next year when meeting the accountants for tax filing. It is too late! For sure, you will miss expenses or forget the personal portion or business ratio. Remember, bookkeeping is a daily function, not a year-end ritual.
2) Stay organized and create a timely backup. It is a simple task, but perhaps a very difficult task. All it takes is to take a picture of each receipt and save it on your computer when you purchase something. Often, we meet a real estate agent or broker who is missing documents, can’t confidently list their exact expenses, or have difficulty producing evidence of the expenses.
3) A mix of business and personal expenses: it is highly recommended to keep business and personal accounts separate. If you are using the same bank account or credit card for business, it will be difficult to correctly classify your expenses unless you are very strong in your bookkeeping and documenting each transaction.
The general rule for expense allowability:
The next question most real estate agents and brokers ask are what expense can I deduct? Let’s see the general rule before we discuss specific deductions.
1) The Income Tax Act allows you to deduct all reasonable expenses that you incur to earn business income, of course, with certain exceptions. This simply means that if you can establish that you incur an expense for generating the income, you can deduct it.
2) Bank and credit card statements are NOT sufficient to support your deduction if the CRA ever audits you. Typically, if there is no receipt, there’s no deduction. Take a picture of the receipt and store it on a computer if you prefer not to keep paper.
If you understand the above two points, you know the main part!
Main deductions allowed
Now let us discuss the deductions/expenses allowed for realtors and brokers.
1. Advertising and promotion:
These include all expenses incurred for the promotion of your business and may include charges for printing and designing your flyer, card, and other promotional material. It also includes staging costs, costs related to the open house, the cost of a person hired to clean or paint the house, etc.
2. Meal & entertainment
Meal and entertainment for clients are an essential part of the real estate industry and most client-facing jobs. The CRA also recognizes this and allows a deduction of 50% of the expense related to meals and entertainment. Take a picture of the receipts, and as a good practice, note the name of the client. In case of an audit, the CRA will not only ask for a receipt but will also ask for the name of the client you were with.
3. Broker charges are fully deductible expenses:
These may include desk fees, transaction charges, split commission, office admin fees, etc. The broker issues T4A slips reporting your income from the brokerage. Some brokers report income on a gross basis (before the deduction of their share), and some report on a net basis. It is very important to carefully reconcile it with the detailed statement issued by your broker, normally called the Tax Worksheet.
4. Client Rebate:
It is common for a realtor to share some commission earned with their clients/friends to promote the business. It is a tax-deductible expense. However, this needs to be backed by strong documentation. If this is done through the brokerage, it is easy, as the broker will maintain adequate documents. But if you do it yourself, you must have enough supporting documents to support your claim. At least make a payment through a cheque and ensure to mention the property details. Also, keep a copy of the canceled cheque.
5. Website, software-related expenses
Expenses incurred for development, designing, promotion/SEO, and other related expenses are fully deductible. Similarly, other expenses such as lead generation, clients list, etc. are also legitimate expenses.
6. Professional liability insurance and general liability insurance
Professional liability insurance, required for the Toronto Real Estate Board (TERB) / Real Estate Council of Ontario (RECO), is a deductible expense. Similarly, if you maintain general insurance for your business or office, it is also a deductible expense.
7. Sub-contractor or employee
if you hired someone to help you, these expenses are 100% tax-deductible. However, you must carefully assess whether you are hiring an “employee” or a “contractor”. Legal, tax, and procedural requirements are quite different in both cases.
8. Professional membership, license, and legal fees
Membership fees paid to the Toronto Real Estate Board (TERB) / Real Estate Council of Ontario (RECO) to maintain status as a realtor are also legal expenses and fully deductible.
9. Coaching, training, and conferences
Many real estate professionals use the services of professional coaches to groom their business skills. These expenses are fully allowed and deductible. Moreover, if you attend a conference related to the business, you can deduct up to two such conferences per year if you are operating as a sole proprietor. In the case of the corporation, there is no cap on the conference you can attend in a year.
10. Motor Vehicle Expense:
As traveling is an essential part of the real estate business, motor vehicle expense is one of the important expenses. If you have used a vehicle, you can claim expense related to it, such as:-
But if you have used the vehicle for both personal and business uses, you can only deduct the portion of the expenses that are directly related to using the vehicle for earning income. To support the amount you deduct, keep a record of both the total kilometers you drive and the kilometers you drive to earn income.
Other deductible expenses are listed here:-
GST/HST reconciliation:
It is very tempting to feel that the GST/HST you collected is yours. But the fact is that this doesn’t belong to you! Very often we meet realtors who have already consumed the GST/HST collected and then they struggle to make payment of the GST/HST. This leads to lots of interest and penalty charges because they end up paying late.
Prudently track the GST/HST that you collect, it is payable to the CRA. Of course, equally important is to track the GHS/HST you paid on your purchase (but only related to the business). You will get a refund of the GST/HST you paid or will be adjusted against the GST/HST payable to the CRA.
Conclusion:
The above is the list of expenses that apply to most realtors and brokers, but there are various exceptions, and every case is different. However, if you understand the general deductible principle discussed above, you are very close to the finish line.
It is important to do timely bookkeeping and consult with your accountant on an ongoing basis. The right professional advice can save you a lot of dollars in taxes and compliance. The Filing Taxes team is ready and happy to help you in this journey. Together, we can ensure you are set up properly and tax-efficiently — both to fit your current needs and to provide the best outcome possible in the eventual case of your retirement or business exit. Our professional team of accountants has helped many entrepreneurs hit the ground running quickly—and affordably. feel free to reach out to Filing Taxes at 416-479-8532. Schedule your tax preparation appointment with us and take the first step towards proper management of your finances. Our professional personal tax accountants will make sure to get you the maximum tax refund on your personal tax return.
Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your personal situation and is not intended to be used without consultation from accounting and financial professionals. Salman Rundhawa and Filing Taxes will not be held liable for any problems that arise from the usage of the information provided on this page.
Real estate owners often ask themselves if they should own investment real estate personally or through a corporation. There are certain tax consequences and factors to consider in transferring real estate to a corporation. Do you know which?
Holding real estate property personally or in a corporation?
Deciding to hold real property in a corporation depends on many factors. To begin, a corporation offers limited liability protection. This element of ownership is often the main influence to transfer real estate to a corporation. This is particularly true in circumstances where a taxpayer owns a multi-unit residential complex, and the risk of potential litigation may result in excessive debt, or worse, possible bankruptcy.
Furthermore, holding real estate within a corporation may be tax advantageous. Income from real estate property is most often passive income. Corporations earning passive income are taxed at a higher rate than if the income were to be derived from an active business. However, in some cases, it is possible for the income earned to be taxed as active business income. In these cases, a corporation provides the opportunity for tax deferral and tax savings.
In addition, a corporation may be useful in cases where individual wishes to transfer property to their next of kin. For estate planning purposes, the value of assets of the corporation are often frozen and the shareholder is given fixed value voting preferred shares. The children are then introduced, using a trust or by any other means, to provide them with the future growth of the assets, while the taxpayer maintains control of the corporation.
If you already own the property personally and decide to transfer your real estate investment to a corporation. The following components should be considered before the transfer.
Taxation on Transfer
The general rule under Canadian tax law is that a transfer of property between an individual and a corporation is a sale at fair market value (FMV), which can result in immediate tax on a capital gain. In most cases, the transfer can be achieved on a tax-deferred basis provided you meet certain conditions. The tax can be deferred so long as the conditions are met, and both you and the corporation jointly elect to use a prescribed form by the imposed deadline. This is commonly referred to as a “rollover”.
Obtaining Creditor Approval for the Transfer of a Mortgage to the Corporation
Often, creditors will allow a transfer of real estate property. However, permission should be received before the transfer and may entail prepayment penalties depending on the agreement with the creditors.
Mutations Tax, Also Known as Land Transfer Tax
Mutations tax generally applies when there is a change in legal ownership of a property between unrelated persons. However, depending on the province the property is situated, there may be an exemption when a transfer is made to a related party.
In Quebec for instance, there is an exemption from mutations tax when a property held by an individual is transferred to a corporation, and the individual owns 90% or more of the voting rights.
Proper advice should be sought to make such a determination as the transfer simply may not be worth it due to the significant transfer tax.
Sales Tax (GST/HST/PST)
Sales tax generally does not apply to the sale of a residential complex if it is occupied as a place of residence. Transfers of commercial properties, on the other hand, are usually taxable. Commercial properties, for example, can include a rental property where the tenants are operating a commercial business. In the case where a property is transferred to a corporation, the purchasing corporation will be required to pay GST/HST/PST on the FMV of the property.
Fortunately, there are special provisions in the Excise Tax Act that relieve the seller and the purchaser from having to charge and remit sales tax provided certain conditions have been met (i.e. the purchaser must be registered for GST/QST, and the purchaser must be acquiring the real estate for use or supply primarily in the course of commercial activities). Should the conditions be met, the purchaser must self-assess the amount of tax owing and report the amounts on their GST/QST return in the reporting period in which the transfer is made, while at the same time claiming an input tax credit (ITC) thus eliminating the need to remit the tax.
Obtaining Fair Market Value Appraisals
Normally, real estate property transfers should be done at FMV between taxpayers. Obtaining a third-party appraisal is necessary to avoid any unfavorable assessments by the Canada Revenue Agency (ARC) in circumstances where the transfer is made to a corporation in which there are other unrelated shareholders. Often, when a property is rolled into a corporation, the consideration received in exchange for the property should equal the FMV of the property being transferred and would be made up in the form of cash or promissory notes if there is not sufficient cash and shares of the corporation. In cases where there is no appraisal available, a price adjustment clause will generally form part of the transfer agreement which can be relied on if there is a disagreement with the CRA concerning the FMV of the property. A price adjustment clause provides an added protection to both the transferor and transferee.
We’re Here to Help
If you have questions about real estate property ownership or any other taxation matters, please do not hesitate to contact our team of Filing Taxes.
Filing Taxes concisely deals with several complex issues; it is recommended that accounting, legal or other appropriate professional advice should be sought before acting upon any of the information contained therein.
Our experienced and professional team at Filing Taxes is here to set you on the right path considering your personal business situation. Feel free to reach out to Filing Taxes at 416-479-8532. Schedule an NTR engagement appointment with us and take the first step towards proper management of your finances.
Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your personal situation and is not intended to be used without consultation from accounting and financial professionals. Salman Rundhawa and Filing Taxes will not be held liable for any problems that arise from the usage of the information provided on this page.
Real estate taxes are pretty much the same as property taxes – one can be treated as the sub-head of the other for the sake of understanding. The key difference between real estate taxes and property taxes is that real estate taxes only apply to the land of houses; however, property taxes are much more expansive, covering all sorts of properties, for example, vehicles, livestock, or even farmlands.
“Property” is defined in subsection 248 (1) as property of any kind, real or personal, immovable or movable, tangible or intangible, tangible or intangible. For added security, “ownership” includes, but is not limited to, laws of any kind and interest.
A thorough understanding over here needs to be of the fact that real estate taxes are applied on homeowners while property taxes are on everything classified as property but owned by a company or a corporation as well as independent homeowners. (Exceptions apply, keep reading)
While property tax accounting would be necessary, real estate bookkeeping is not just necessary but would become significant and does house multiple benefits, including the individual’s ability to predict how finances are coming along as well as prospects for future investments (if they are planning) and payments.
The transactions that are part of the accounting for real estate investors include:
The local government body hires a tax assessor to determine and calculate a fair value price of the owned property. Properties owned in developed areas carry heavier and larger sums of taxes, while properties in lesser developed areas carry a significantly smaller tax charge.
Most firms hire property tax accountants for businesses that could help reduce the rates of taxable incomes to avoid over-taxation or be able to leverage clauses that would help them save on taxes they may otherwise not know about.
Common forms of real estate ownership are as follows:
All of these should necessarily mean that these properties are owned by businesses or at least for business purposes.
Trusts are generally subject to an Alternative Minimum Tax (“AMT”), which is a federal and provincial tax applicable to individuals (including trusts other than mutual funds) that occurs when the normal tax liability is less the minimum tax that would be payable under the calculated income to be adjusted. In the context of a typical investment property, AMT can arise when a trust deducts interest and certain elements of tax benefits to protect rental income or uses non-capital loss transfers resulting from such deductions.
It can account for how much taxes are being paid if the individual in question is a landlord, landowner, or accountant in a firm, and how much taxes are being received if you are a governing body to keep track of steady taxes being paid. Real estate Bookkeeping, like other tax accounting procedures, can be recorded digitally for security purposes and easier track of finances to make smart investment decisions and make sure there is no overpayment or underpayment of taxes.
Note: one may also be able to deduct part of their real estate tax when filing tax returns if their home expenses allow. A real estate tax accountant can help and evaluate this case to case.
We’re Here to Help
Property tax accounting in Toronto is essential for any tax filer who owns the movable or immovable property. Real estate accounting is usually not the first thing investors think about when investing in real estate, but it is an important part of owning and managing rental properties. With good accounting, the investor can better identify opportunities to increase rental income, reduce costs without affecting property value, and better monitor equity.
If you have questions about real estate property ownership or any other taxation matters, please do not hesitate to contact our team of Filing Taxes.
Filing Taxes concisely deals with several complex issues; it is recommended that accounting, legal or other appropriate professional advice should be sought before acting upon any of the information contained therein.
Our experienced and professional team at Filing Taxes is here to set you on the right path considering your personal business situation. Feel free to reach out to Filing Taxes at 416-479-8532. Schedule an NTR engagement appointment with us and take the first step towards proper management of your finances.
Frequently Asked Questions
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Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your personal situation and is not intended to be used without consultation from accounting and financial professionals. Salman Rundhawa and Filing Taxes will not be held liable for any problems that arise from the usage of the information provided on this page.
For people currently renting or considering renting a portion of the home they own, the tax considerations can be complex and the fallout costly if you don’t do it right. In fact, earning income from renting a portion of your home can be subject to different rules and reporting requirements to the Canada Revenue Agency.
Once you start to go through all the considerations, small rentals can get quite complicated.
The following are some basic guidelines for renting out a unit in your home.
Step 1: Set up a legal rental
While it might seem simple to just rent out your basement area or a room in your home, there are some ground rules you have to consider first.
There’s more to it than just renting out a basement space for example. Residential leasing is very regulated. You need to make sure that the apartment you are renting is an entirely separate living space, with a bathroom and kitchen, and meets the required municipal and fire codes. If it’s in your basement, for example, windows have to be large enough to extricate a person.
Typically, you will have a lease arrangement outlining rent and basic services such as heat, light, parking, and laundry facilities. As for drafting a lease, don’t take the do-it-yourself approach. There are standard lease forms the government wants everyone to use. Otherwise, you could run afoul of the CRA landlord and tenant regulations.
If a potential renter is a student, it’s a good idea to put parents on the lease as guarantors.
Step 2: Understand what’s involved with rental income
An important thing to consider is whether the income you earn from the space in your home will be reported as business or rental income on your personal income tax return. This will affect how you claim expenses, among other considerations. The tax treatment and filings are different for each.
If the homeowner is providing additional services such as cleaning, security, or meals for example, then it may be classified as business income. This will likely be more of an issue if some or all of the property is offered on a short-term basis (similar to a bed and breakfast).
Step 3: Know your change in use rules
Any time you rent a space in your home, you may have a change in use of that space, which could result in a deemed sale.
That could be problematic in terms of cash flow and having the funds to pay the tax liability. Unlike a regular disposition, you do not get cash proceeds.
You, therefore, have to pay tax on a gain for which you have received no cash proceeds.
The government will usually not consider it a change in use if three conditions are met: The space is small relative to your home, you aren’t making any structural changes and you are not claiming tax depreciation known as capital cost allowance (CCA) on your rental income.
Generally, if you fit those criteria, there will be no deemed disposition and no sale needs to be reported on your T1. Going forward, if you are earning the rental income you will need to report the income and expenses in your T1 Personal Tax Return on Form T776. Also, when you do eventually sell your home and meet these three conditions, then the whole property usually qualifies for the principal residence exemption.
Step 4: Consider the income and expense claims on your T1
Your annual rental income for tax purposes will include all the rent payments received and deductions of allowable expenses. It is critical to ensure that deducted expenses are reasonable. The key question to ask yourself is, was the expense incurred to generate rental income specifically? Some examples of reasonable expenses include a pro-rated portion of the interest on your mortgage as well as utilities and property taxes.
Once you determine that the expense is allowable, you then have to decide whether it’s a current or capital expense. For example, repairs and maintenance such as replacing light bulbs are usually a current expense and are fully deducted. A capital expense would improve the property significantly and have a lasting benefit, such as a structural renovation needed to get the portion of your home rental-ready, and is deducted over time by claiming CCA. [For further information on the criteria for determining whether something is capital or current expense, you can visit the CRA website directly]
Be careful not to claim CCA as it will put you offside on one of those three conditions the CRA looks at to determine whether a change of use took place. If you are claiming CCA, you will generally have had a deemed disposition of the space you are renting. In that case, you may not be able to designate the principal residence exemption on the entire home when it is sold.
Note that GST/HST is not charged on long-term residential rentals. It is important to note that GST/HST will need to be collected on short-term or occasional rentals where the portion of your home is rented for less than 30 continuous days.
Talk to a professional
There are so many nuances when renting space in your home, that it’s easy to get blindsided when filing your tax returns. Always keep supporting documentation for rental income and expenses and review them with a qualified tax professional before filing to ensure no unwarranted expenses are claimed.
The rules around renting are complicated and even more so in the year of a potential change of use or when the property is sold. A qualified professional can walk you through all that.
This article includes a general summary of tax rules. Need specific tax advice? Hire a professional accountant and get the best working for you.
Filing Taxes concisely deals with several complex issues; it is recommended that accounting, legal or other appropriate professional advice should be sought before acting upon any of the information contained therein.
Our experienced and professional team at Filing Taxes is here to set you on the right path considering your personal business situation. Feel free to reach out to Filing Taxes at 416-479-8532. Schedule an NTR engagement appointment with us and take the first step towards proper management of your finances.
Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your personal situation and is not intended to be used without consultation from accounting and financial professionals. Salman Rundhawa and Filing Taxes will not be held liable for any problems that arise from the usage of the information provided on this page.
Buying a home, especially a newly built home, is already an expensive process in Canada. Along with land, construction, and property taxes, there’s also that troublesome GST or HST to pay. While GST/HST isn’t charged on purchases of an existing property, newly built homes will have the tax levied on them, and it can add thousands to the cost of a typical home.
Fortunately, The Canada Revenue Agency (CRA) offers relief from this cost in the form of the GST/HST New Housing Rebate, and it’s one thing you’ll want to add to your list of to-dos when budgeting for your new home. In this case, filling out a single form can save you thousands of dollars in taxes if you’re buying a newly constructed home.
What is the GST/HST New Housing Rebate?
The GST/HST new housing rebate is a rebate provided to homebuyers to apply for a refund on GST/HST paid on their homes.
When you purchase newly built or heavily renovated housing, you would have to pay a sales tax on top of the purchase price which consists of a federal portion and a provincial portion. You pay it for the same reason that you pay sales tax on almost everything else you buy.
Whether you’ll pay GST or HST depends on your province, as will your final tax rate. The GST/HST new housing rebate allows you to take back some of the federal portions of the tax also known as the Goods and Services Tax (GST), and in the provinces, there may also be rebates for the provincial part of the tax.
GST/HST New Housing Rebate Eligibility
Depending on your conditions and province, you may be eligible for both the provincial and federal rebate, only the provincial rebate, or only the federal rebate. you may be eligible for the rebate if any of the following applies:
And yes, first-time homebuyers are also eligible for the GST/HST new housing rebate, on top of other programs available to them.
The HST/GST housing rebate is only available to individuals who meet all of the conditions for claiming the rebate. However, it is not available to individuals who co-own the housing with corporations or other partnerships because the rebate is not made available to those entities.
How to Apply for the GST/HST New Housing Rebate
The process for applying for the GST new housing rebate requires submitting at least two mandatory forms available on the government website: one to calculate your GST rebate amount and another as the main application form. For residents of Ontario, British Columbia, Nova Scotia or Saskatchewan which also impose additional provincial new housing rebates, an extra form will need to be filed.
Once complete, the forms must be mailed to the designated tax centers listed on the government website for processing. Although supplementary documents are typically not required upfront, you may receive later requests to provide added proof of occupancy, closing statements or invoices to validate your rebate eligibility.
After submission, it can take up to 6 months to receive your GST new housing rebate payment. Applicants should be aware of a 2-year deadline to file dating back to the determined rebate eligibility base date outlined in the forms. Meeting this cutoff is essential or you risk losing your entitlement to collect the rebate. Putting together the forms promptly and providing any additionally requested documents will help smooth the path to obtaining your full rebate entitlement.
Which form will I need to apply for the GST/HST New Housing Rebate?
There are two types of rebates available with differing rates: rebates for owner-built houses and rebates for housing purchased from builders hence there are two different tax forms for each of them.
1. Houses Purchased from Builders
If you purchased your home directly from a builder or developer, you can request to have the builder claim the credit and pay it to you. To do so, complete Form GST190, GST/HST New Housing Rebate Application for Houses Purchased from a Builder, and have the builder submit it to the CRA on your behalf.
If the builder did not pay you the credit, you may apply for the rebate by completing the same forms. You must submit them to the CRA within two years of purchase.
2. Owner-Built Homes
If you built your own home, you can also apply for a rebate of the GST/HST you spent while building the house. To do so, complete Form GST191-WS, Construction Summary Worksheet. Next, complete Form GST191, GST/HST New Housing Rebate Application for Owner-Built Houses, and submit both forms to the CRA.
If you owned the land and you paid a builder to build your house, you also have to complete these forms. In both cases, the rebates must be claimed within two years of the date the house is completed.
For example, if you bought a home and land from a developer, you would request the developer to give you the rebate and submit Form GST190 on your behalf. However, if you bought the land and then hired your own architect, builder, and workers, you would file GST191 to claim your GST/HST rebate.
Similarly, if you hired a builder to do substantial renovations on your home or if you did them yourself, you also need to file Form GST191 to claim your rebate.
2022 New Housing HST Rebates in Canada
The Canadian Government encourages people to own a house, and as of 2022, close to 70% of Canadians owned their home according to a national household survey. Millions of people in Canada also own a second property, often a cottage or investment property. Real estate markets such as Toronto and Ottawa have a significant amount of home buyers that are new to the country, many people buying or looking to buy are unaware of the new condo HST rebate. People acquiring brand new property in the GTA for investment purposes pay tens of thousands of dollars in HST, so they must file for a new house rebate otherwise they will not get a single dollar back. Many new Canadians are unaware of the rebate since they are not always familiar with the Canadian property market and tax code, but in most cases, their real estate agent will advise them of the rebate during the purchase process.
The GST/HST new housing rebate is a simple rebate to claim. However, unlike some other rebates and incentives, it’s not automatic. Instead, it requires you to apply manually. It’s important that you don’t forget to do this at tax time!
Filing Taxes concisely deals with several complex issues; it is recommended that accounting, legal or other appropriate professional advice should be sought before acting upon any of the information contained therein. Our experienced and professional team at Filing Taxes is here to set you on the right path considering your personal business situation. Feel free to reach out to Filing Taxes at 416-479-8532. Schedule an NTR engagement appointment with us and take the first step towards proper management of your finances.
Frequently Asked Questions
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Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your personal situation and is not intended to be used without consultation from accounting and financial professionals. Salman Rundhawa and Filing Taxes will not be held liable for any problems that arise from the usage of the information provided on this page.
Real estate agents and brokers have historically been prohibited from carrying on their business through a corporation. But now Several provinces, including British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, Nova Scotia, and, most recently, Ontario, allow PRECs.
Under the proposed regulations, individuals can incorporate and register their real estate service business to form a “personal real estate corporation” (PREC).
What is a Personal Real Estate Corporation?
A Personal Real Estate Corporation (PREC) is a corporation belonging to a single real estate salesperson, associate broker, or managing broker for the purpose of benefiting from the income and tax planning potential of a corporation. Personal real estate corporations may only provide real estate or ancillary services (real estate transaction-related services) as their main form of business. The real estate salesperson owning the PREC license must be the sole voting shareholder, as well as the sole director/officer of their personal real estate corporation.
A PREC is a legal corporation that allows you to receive income and pay the expenses of your real estate business. A PREC is required to submit a separate income tax return to the CRA as it is a separate legal entity apart from the owners. Forming a personal real estate corporation in Canada may have certain benefits associated with it. If you want to establish a personal real estate corporation (PREC) in Canada, you alone will be responsible for all key decisions of your corporation. A PREC can own property, insurance policies, and make investments. The corporation may also be required to open up different program accounts of the CRA.
A PREC should not be confused with a corporation set up by a real estate investor to own real estate. A personal real estate corporation is only for a real estate agent.
The new rules allowing real estate agents to incorporate gives them the opportunity to reap the benefits of owning a corporation, including a lower tax rate, the opportunity for tax deferral and income splitting, and deductions.
Requirements of PRECs
While they have similar benefits to other corporations, a PREC is subject to a few additional requirements.
Advantages and disadvantages of incorporating
Following are some accounting and tax considerations to discuss with your tax accountant.
Advantages of PRECs
Tax savings
Sole proprietors are taxed at a higher rate than corporations because they are taxed as individuals. When a real estate agent opens a PREC, they can take advantage of lower corporate tax rates.
The corporate tax rate in Ontario is 11.5 percent, which is lower than the personal tax rate for individuals who make over $150,000. You also have to factor in federal taxation on top of that, which is 15 percent for corporations. The federal tax starts at 15 percent for individuals and goes up to 33 percent.
Typically, real estate agents pay the personal income tax rate on all income earned. If you are a high earner, this can mean a significant chunk of your income goes towards the government.
Income splitting
With a PREC, so long as all the voting shares remain with the real estate agent that owns it, family members can be named as share members with non-equity, non-voting shares. This means that dividends can be paid to those family members.
Income splitting isn’t available to all real estate agents under the PRECs. This is because of the updated Tax on Split Income (TOSI) exception that sees dividends paid to family members as split income and makes it taxable at the top rate. This effectively means income splitting is not the best benefit of a PREC.
However, there are two exceptions to the TOSI rules that could make income splitting a benefit to incorporating a real estate practice in Ontario. The exceptions to TOSI rules are:
If you and/or your spouse fall under one of these two exemptions, income splitting could be a major advantage of a PREC.
Tax deferral
Tax deferrals are not the same as tax savings, but they could save you money in the long run, depending on what you do with your excess revenue. PRECs gives real estate agents the ability to defer some income, which would then likely qualify at a lower rate of tax.
This can save you money at tax time, but you will eventually have to pay personal tax on it when you start withdrawing from your accumulated corporate savings. This is because after-tax profits are still taxed when they are paid out in dividends.
That said, if a realtor can accumulate savings in their PREC, those savings could be used to create additional cash flow. The savings could possibly be invested in stocks, GICs, EFTs, bonds, and mutual funds, or they could go full circle and be invested in real estate.
It should be noted that if you spend all the money you earn annually in that same year, you will likely not reap the benefits of the tax deferral advantage.
Tax deductions
Sole proprietors already benefit from business-related tax deductions, and many of those are the same that corporations benefit from. However, there are two notable exceptions when it comes to tax deductions from having a PREC:
Disadvantages of PRECs
There are two significant disadvantages to incorporating your real estate business, and both are related to the cost.
Whereas sole proprietorships are inexpensive and easy to set up, there is a little more paperwork and a higher price tag involved with incorporation. Likewise, when operating a PREC, you will probably spend more money annually on bookkeeping costs and accounting fees for the corporate filings.
Most times, especially when it comes to higher earners, the advantages outweigh the disadvantages. However, as mentioned earlier, if you’re a real estate agent who isn’t running a particularly high-earning business, these costs might not be worth incurring.
Determine if incorporation is right for you
Despite these benefits, a PREC won’t be right for everyone. At a high level, incorporation likely makes sense if you’re an agent who:
However, just because you can incorporate doesn’t necessarily mean you should. The potential costs and benefits of incorporating will vary depending on your business's unique needs, risks, and cash flow levels.
Incorporation with a PREC has benefits and drawbacks, so it depends on how a real estate agent runs their business, how much money they make, and how they want to go about handling and reporting that money.
While PRECs have benefits related to tax deferral, income splitting (if you meet one of the exceptions), tax deductions, and give you access to the corporate tax rate, they also cost more money to start and maintain.
Many experts say that the PREC model mostly benefits real estate agents who are in a higher tax bracket (especially if you’re claiming $100,000 or more where your personal tax rate is over 40 percent). Not only does the PREC give you access to the decreased tax rate, but also tax referral capabilities—both of which can help you accumulate wealth faster.
Making the leap from a sole proprietorship to a PREC will take extra work, but it might just be the thing that takes your real estate business to the next level.
Does incorporating make sense for you? How Can We Help?
Even after considering the factors above, you may still be unsure whether incorporating is the right move for your real estate business right now. Whether you’re seriously considering incorporating or would simply like to know more and weigh your options now’s a great time to reach out to professional accountants at Filing Taxes for a more detailed cost/benefit analysis.
To help assess your situation, we’ll evaluate questions like:
Do you spend all the income you earn from your business?
Together, we can ensure you are set up properly and tax-efficiently — both to fit your current needs and to provide the best outcome possible in the eventual case of your retirement or business exit. Our professional team of accountants has helped many entrepreneurs hit the ground running quickly—and affordably. feel free to reach out to Filing Taxes at 416-479-8532. Schedule your tax preparation appointment with us and take the first step towards proper management of your finances. Our professional personal tax accountants will make sure to get you the maximum tax refund on your personal tax return.
Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your personal situation and is not intended to be used without consultation from accounting and financial professionals. Salman Rundhawa and Filing Taxes will not be held liable for any problems that arise from the usage of the information provided on this page.
Are you wondering whether you should buy an investment property through a corporation or your personal name? It’s actually more than a single-line answer. It’s a very popular question asked by real estate investors and it’s hard to have one answer to that question without analyzing the client’s circumstance individually. However, there are a few concepts that you should be aware of beforehand if you are considering purchasing a property with a corporation in Canada.
Corporate-owned real estate refers to property owned by a business that may be a form of investment or operational need. Corporate real estate means that the title of the property as legal ownership remains with the corporation rather than in a personal name. It may involve a business having a main location of operation, retail locations, as well as manufacturing sites. In addition, corporate-owned real estate can involve designing, constructing, renovating, and managing a property for the sake of the business's future. The reason why homeowners prefer corporations to hold properties rather than holding them personally includes ease in corporate tax returns, financing, legacy planning, and legalities amongst many more.
Whether a business is looking to own property or already owns it, it is nonetheless useful to know the pros and cons of corporate-owned real estate.
Corporations that own real estate can benefit from the fact that property always has an intrinsic value. Real estate is not only sought after by other businesses looking to stake a claim in a market. In fact, real estate can also appreciate over time. For instance, a business can take advantage of a property being sold at a discount, invest in it, and ultimately resell it for a higher price. Discount properties may occur due to several reasons such as the need to close and liquidate assets, or even a growing business needing to make the move to a new location.
Certain types of properties such as a commercial property rented out, in general nature have a higher risk liability compared to suppose a residential rental property. By purchasing the property inside a real estate corporation, your personal assets such as your home and vehicles are protected. The one-time cost of incorporation will easily become justified if you ever encounter a lawsuit, however, it will increase your accounting fees each year. If your property has risk involved, it is something to consider.
Unique tax benefits exist for a business that owns real estate. For instance, this can encompass tax reductions and tax-deductible expenses by virtue of requiring the property to run one’s business. These tax benefits have effects on the long-term goals of a business due to factors such as depreciation and the need to check on the property. These tax benefits may range from small to big businesses.
If you own corporate real estate 50% of the capital gains are free of tax, if you are earning rent or any other kind of capital gain from the property you must pay a tax of 50.2%, corporate tax returns add up to approximately 30.7% they can be refunded once the profits of the corporation are paid out. Corporate real estate is required to fill in a corporate tax return annually, you can choose the year-end date that you wish to be the time of declaration.
Filling out the corporate tax return form can be a little tricky and requires many supporting documents, you can get help from a professional accountant with the completion of the forms. You must make sure you have the documents such as your expense receipts and monthly bank statements. Having these documents handy will help you complete your claim quicker in case of a review by the CRA.
If you purchase property under a corporation one of its major benefits is that you can keep your estate taxes to a minimum. If you plan on growing a decent-sized investment portfolio and would like to minimize your estate taxes and pass on property to families, corporate structures and certain elections under the income tax act offer the most flexibility. You can also easily pass on your estate to your family, this kind of legal title offers maximum flexibility. This is particularly useful if you are planning to extend your investment portfolios.
To acquire real estate, one must have the funds to do so in the first place. This may involve down payments, property repair costs, renovations, as well as the purchase of furniture and equipment to maximize the income gained from tenants. This is in addition to maintenance and insurance costs. Finding the right plan for one’s business can be a lengthy, difficult, and expensive process in and of itself. However, with the help of an expert, business owners can obtain all the information they need before making such a huge decision.
Finding and maintaining real estate to invest in can be a challenge that takes up a lot of time. For instance, to ensure that one’s property is being treated well by tenants, one has to hire others to check up on the location periodically. Moreover, if one is new to real estate investments, then their bottom line may be affected negatively. Therefore, business owners who are interested in owning real estate must get ahead of the learning curve as quickly as possible. At times, this may not be possible due to the nature of the business and one’s schedule.
Although you can incorporate a company on your own, we recommend getting it done professionally with a lawyer or accountant to avoid potentially costly mistakes. Once the corporation is set up, you will also require to prepare annual corporate tax returns which are separate from your personal tax returns. To get the most out of a corporate-owned real estate, a business owner must be knowledgeable of the pros and cons. Every business is unique in terms of circumstances and funds. That is why the experts at Filing Taxes will be happy to assist business owners in this pursuit. To speak with an experienced accountant, contact Filing Taxes either at 416-479-8532 or [email protected]. Schedule an NTR engagement appointment with us and take the first step towards proper management of your finances.
Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your personal situation and is not intended to be used without consultation from accounting and financial professionals. Salman Rundhawa and Filing Taxes will not be held liable for any problems that arise from the usage of the information provided on this page.
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