Mike, Here is the xpat checklist customized for this situation. First let’s recap your needs in case I am missing something:

  • Determine options for mom Barb’s 2020 CG
  • Prep Barb’s
  • Determin potential availability, of the 2020 capital losses METJDS will be in receipt of, and subject to writing off in companies first year form T776 rental expenses.
  • Determine rental loss of vacancies calculation based on CRA calculation guidlines
  • Determine loss from loan and mortgage interest
  • Calculate combined mortgage fixed & revolving amounts to add to loss
  • Structure Barb’s 2 capital investments (where loss was triggered) and document into a loan in the form of an invetment loan product secured to real property
  • Set up capital cost the subject-72 Southdale
  • disect closing documents for allowable future write offs (as Southdale will loose the renovation allowance in the future should you sell, I am allocating anything possible to build that pool of expenses for when MEDJDS or the then CEO should sell or despose of 72 SD that would have accumulated toward that gain.
  • Set up capital cost allowance account classes for the property
  • Set up capital cost allowance classes for the new vehicle  (likely to be placed on dupont..)
  • File Paper returns for METJDS
  • Set up capital cost allowance classes for ANY equipment, electronics (phones or computers and computer equipment (likely to be placed on dupont..)
  • Setup an appraisal MyRental Valuations section account for METJDS for obtaining monthly data I can access (inclusive with all levels of MyWealth Rental Products) before and after file of documentation 
  • Gather the valuation set up data from original appraisal
  • Provide you guys guidance on the process I am demanding in order to MAINLY protect METJDS, and make things smooth on both ends both ends yours and mine also a quick as possible. June 15th is approaching quickly and I am commiting my max available 4-6 hours a day to you both and your businesses
  • If the procedure demands are followed correctly, your account will come together and finalize the document securing and storing on The MyWealth Account site under both role menus -1 for MyRental Returns, or 2-My Business Returns and also in your own encrypted archive cloud drive by clicking on the MyVault button in ALL menus 
  • There will be a MyReview Excecution button for another included feature to Savvy & Premium members that will allow you to select a review scenaarioand instantly reply to an audit with a few clicks and a signature.  I have automated this process but rest assured that I will be reviewing everything carfully as I would do for myself as the testing phase will tie up any loose or uncertain parts of this process and many others I have obtained throughout this process.
  • Prepare tax forms for submission and build the Realtime audit defense file for 2020 in your of MyWealth Business account
  • once I see your checklist is complet I will beigin compling required for my accountant wto view with me
  • Now I can review Moms file and build her documents for her my protection section for copies of your documents in case of a review on her end
  • Then I will present the T2 completed for your first year for submission to CRA and my most experienced accountant will be reviewing and walking me trough the submission to CRA for corp accounts (as this is only my third T2 i have done and I want to do the next corp return filing on my own).  and of course as mentioned, copies exerything will be in your MyWealth Business account