Legal, Tax and Accounting Strategies for the Canadian Real Estate Investor (eBook)

STEVE COHEN, LL.B. LL.M., established Steve Cohen Law in 2008 after more than 10 years at a leading Canadian law firm. A boutique corporate/securities practice located in downtown Toronto, Steve Cohen Law acts for promoters of, and investors in, a wide range of real estate and real estate related investment vehicles, ranging from joint ventures to limited partnership syndications to real estate investment trusts (REITs), and has also represented numerous entrepreneurs in their start-up ventures, primarily related to real estate. Steve is also real estate investor and, in 2008, he established SmartCap Ventures Inc., an investment company with a focus on joint venture real estate initiatives. He recently launched the Real Estate Investment Law Blog at www.reilaw.ca. GEORGE E. DUBE, MACC., CA, jointly established the predecessor to Dube & Associates Professional Corporation, Chartered Accountants, in 1997 after several years with national accounting firms. He is a graduate of the University of Waterloo's Master of Accounting Program, and has also completed the Canadian Institute of Chartered Accountants' two-year In-Depth Taxation Course. He is a member of the Institute of Chartered Accountants of Ontario Small Practice Advisory Committee, a CRA regional practitioner committee member, and a member of the Canadian Tax Foundation since 1993. A veteran real estate accountant and investor whose practice focuses on providing the knowledge and tools clients need to increase and preserve the value of their businesses, George is a frequent guest speaker at an assortment of meetings, events and workshops through the year. He has written articles or contributed to the same, in various national and regional publications. His website is www.georgedube.com.

Foreword vii

Introduction 1

Chapter 1: Eyes Wide Open 7

Chapter 2: Building a Successful Team 17

Chapter 3: Mastering the Basics 29

Chapter 4: Structuring Your Acquisitions 49

Chapter 5: Structuring Your Acquisitions with a Large-Scale Joint Venture 89

Chapter 6: Structuring Your Real Estate Business 105

Chapter 7: Owning Your Properties 115

Chapter 8: More Tax Strategies for Property Ownership 153

Chapter 9: Structuring Dispositions 167

Chapter 10: Tax Considerations on Dispositions 183

Chapter 11: Estate-Planning Considerations 195

Chapter 12: Keeping the Books 205

Appendix 1: Joint Venture Agreement Checklist 227

Appendix 2: Legal Considerations Relating to Syndicate Offerings--Investor Checklist 231

Appendix 3: Legal Considerations Relating to Syndicate Offerings--Promoter Checklist 233

Acknowledgements 235

About the Authors 237

Index 239