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How do I structure accounts to represent capital and depreciation for multiple jurisdictions, keeping equity accurate?

You will need to track these things separately for Canadian and US tax purposes. Basically, a secondary set of 'tax books'. It is very common for accounting records to deviate from tax records where ...
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Is a depreciation claim on a rental property basically always worth it in Canada, given stable income?

Yes, it is better to take depreciation most of the time, but not quite as much as you imply. Keep in mind the rules of depreciation in Canada: Depreciation on rental properties reduces your rental ...
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