If you're like me, navigating the world of taxes and accounting can feel a bit overwhelming, but today we're in for a treat. Our guest is here to bring clarity to all those complex issues. Meet Riley Norcross, a chartered professional accountant and the owner of Norcross Accounting, a full-service accounting firm based right here in Beeton, Ontario.

Key takeaways include understanding the differences between income tax and capital gains tax, strategies for estate and liability planning with trusts and corporate structures, and navigating the complexities of HST in commercial transactions. Riley also shares his personal journey and underscores the importance of support systems and persistence. This episode aims to demystify finances, offering actionable advice for long-term financial success in real estate.

00:00 Introduction

01:11 Meet Riley Norcross: Chartered Professional Accountant

02:38 Riley's Journey to Becoming an Accountant

03:50 The Importance of Support Systems

06:07 Starting and Growing an Accounting Business

09:16 The Role of Accountants in Real Estate Transactions

12:03 Understanding Capital Gains and Income Taxes

16:15 Planning for Financial Success in Real Estate

17:39 Benefits of Early Inheritance

18:23 Managing Capital Gains

21:40 Real Estate in Corporations

27:31 Understanding HST in Real Estate

30:55 Advice for Aspiring Investors

32:54 Conclusion and Final Thoughts

Connect with Riley here: https://norcrossaccounting.com/

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Giuliana Pallotta, Broker

Coldwell Banker Ronan Realty, Brokerage

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The content provided in this podcast is for entertainment purposes only. We are not offering professional, real estate, legal, or financial advice, and we recommend consulting with the appropriate experts before making any real estate decisions. Neither the host nor the guests or production company are liable for any actions taken based on this podcast.