Real Estate and Taxes [Canada]
This is a very hard area to learn as a new investor. Accountants usually don't give you the time of day if you are under 1m from my experience and aren't apt to answer a bundle of questions. My question is this, I was blessed this year with a huge income in cash. I had been into real-estate for awhile for the tax benefits but I'm realising as a Canadian, I can only write off what I've earned on the property plus like a 5000 allowance every year. Which is basically nothing. It lets me write off like 14000.
But if I earned lets so 200,000 outside of real-estate, then real-estate doesn't help me mitigate taxes? Am I missing something? I know there are a lot of ways to write off money thru real-estate however my accountant explained you can only write off whatever equates to your real-estate income plus a little bit from more complicated terms they explained, but nothing to the amounts i need. I really want to buy more properties to mitigate taxes but I don't see how. Any experienced people have suggestions?