Should I Put My Rental Properties in an Incorporation or Personal Name?
Many years ago when I purchased my first rental property, I debated if I should own the rental property in a corporation or under personal name. I hired an accountant who charged me $3000 ten years ago to create a corporation for me to hold the rental property. Fast forward 10 years later, I have finally formed my own opinion on owning rental property using corporation and personal name. There are also another option which is called bare trust. However, I have not experience that so I would not have much comment on it. You should also consult your lawyers and accountants for this topic as well.
The decision to own a rental property using a corporation or personal name depends on several factors, including legal and tax implications, liability protection, and personal preferences. Here are some pros and cons of each option to help you make an informed decision: