Part IV: Building Value: Managing Your Investment and Seeing a Return in Visual Studio .NET

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Part IV: Building Value: Managing Your Investment and Seeing a Return
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Regardless of your personal filing preferences, however, you must maintain accurate records of your property no matter how small your investment The file for a land investment may be as simple as deeds and records of taxes paid If you rent out property, the file will be much larger and include the following: Bank records Invoices Receipts Sales slips Contracts In this section, we discuss the reasons why record-keeping makes sense, and some of the options you have when it comes to keeping your records in order We discuss record-keeping for insurance purposes in the section Making sense of record-keeping later in this chapter Keep the numerous documents you accumulate regarding your property in an order that makes sense not just to you but also to your bookkeeper, your accountant, and horrors! any potential auditors A filing system that doesn t make sense may enhance your privacy by making sensitive information more difficult to find, but it also stands to boost the cost of accounting services when you hand over your books for scrutiny, create headaches for associates and relatives trying to make sense of your holdings in the event of an illness or your sudden death, and annoy the auditor sent to figure out why you claimed an obscure expense on your tax filing four years ago In 11 we talk about the due diligence you do when you re buying a property Some accountants also recommend property owners undertake due diligence to ensure their properties have a better chance of selling Part of that involves keeping proper records that can help you manage your property better, and help you make an argument for selling it when the time comes to do so (we discuss selling a property in 16) Of course, keeping accurate records may be sound practice, but it helps to know what you re doing has benefits We discuss both practice and the practical benefits of record-keeping in this section, tipping you off to some of the opportunities accurate records present for managing your real estate investment
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Making sense of record-keeping
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Some people are natural pack-rats and some people aren t it s as simple as that But if you re a property owner with creditors, the government, and
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14: Managing Risks
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tenants (to name just a few) to satisfy, you ll want to be sure you have a clear paper trail for your property that shows What you ve done When you ve done it Why you ve done it The information may seem mundane and maybe even obvious in the moment, but it may have a different meaning if someone sees the record without knowing the property in question Accurate records will ensure financial protection as well as protection from claims that you didn t do something you did in fact do If you replace locks on one or several apartments, record whether it was a routine refit or in response to security concerns Similarly, it may be important to keep a sheet for tenants to initial on receipt of new keys, safeguarding you from allegations that you changed locks without notice Records come in several forms, including the following: Financial, those relating to the finances of the property and its cash flow Contracts, such as tenancy agreements and associated records Maintenance, including maintenance schedules, when repairs were made, and fire equipment checked Administrative, including business licences, protocols regarding safety procedures, and sign-off sheets for receipt of keys and other items Here are some reasons to keep records: Government regulations: Various federal and provincial rules require you to keep records regarding your investment property Tax requirements are a primary reason to keep records, but Statistics Canada and other government departments may also request information regarding your business activities The federal Income Tax Act requires you to maintain records and books in an orderly manner at your place of business or your residence in case of a review or audit of your filings You must maintain all records and supporting documents for at least six years from the end of the last taxation year to which they relate If you filed your return late for any year, records and supporting documents must be kept for six years from the date you filed that return The Canada Revenue Agency permits computer storage of records as long as those records provide adequate information to verify tax claims
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