Professional Documents
Culture Documents
81 Financial and Tax Tips For The Canadian Real Estate Investor Expert Money Saving Advice On Accounting and Tax Planning-73
81 Financial and Tax Tips For The Canadian Real Estate Investor Expert Money Saving Advice On Accounting and Tax Planning-73
Summary dates
Your statement is based on when that account was opened, and
things can change between the date the statement is issued and
the date you review the information. Much of your rental
income, for example, will be due on the first day of every month.
That may fall in the middle of your statement.
Details
The statement will show every transaction, from online banking
activity to ATM withdrawals, Interac purchases, cheques,
mortgage payments and loan credit.
You need to:
• Review this information and check for accuracy.
• Make notes directly on the statement. This a good place to
write notes about unexpected expenditures. You still need
receipts, but this adds to the paper trail.
• Track cheques as the money moves out of your account.
Deal promptly with any problems.
• Keep one account for Personal Expenses and a second for
Investment Expenses. File the separate statements
accordingly. If an Investment Expense goes through your
personal account by accident, make sure you track the
information so you don’t lose a deduction.
• File the statements regularly.
• File by month or by year, depending on what works for
your business.