2007-02-05 06:18:34 · 8 answers · asked by nodilah 1 in Business & Finance ➔ Taxes ➔ Canada
You have to claim any income that you earn on this rental property and you can deduct expenses that you incur on this property.
Common deductions include:
Mortage Interest
property taxes
Repairs and Maintenance
Accounting fees.
Utilities
Condo Fees.
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If you own the property for rental use and you didn't earn income, you can still deduct these expenses and have a loss on your return, you may have to prove that you tried to rent it out though.
2007-02-05 07:36:53 · answer #1 · answered by Theebis 2 · 1⤊ 0⤋
miss wonder Just a little advise. Go to the bank and get a fixed rate mortgage now. Taken into effect that the flat is worth 80% of LTV (loan To value). Next shop around for that insurance before telling your current insurance company. They may drop you like a bad habit. Taxes, Water, Trash, Are the 3 items you will need to pay regardless. If you want to let your tenants pay them..get a security deposit for water and trash. best of luck
2016-03-29 06:12:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Absolutely.
You fill out a Schedule E - for your rental income. On that form, you list all your expenses, which include depreciation of the property (Not the mortgage payments per se, just a portion of the value of the building ech year), mortgage interest paid, real estate taxes, repairs, maintenance, lawn care, security, utilities (if you pay them, not the tennants)..etc.
You pay tax only on your profit - which is the income, less all your expenses.
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edited to add - oh, just saw that this is a question for Canadian taxes. My answer only applies to the U.S.
Just ignore me.
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2007-02-05 06:24:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Mortgate INTEREST, property taxes and other expenses for rental property - yes. You can't take the principal part of the mortgage payment although you can claim depreciation.
2007-02-05 09:41:40 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
You can't even you don't rent it out but you can fill out the rental/home owners guides and forms to possibly ease your end return. Just get onto the Revenue Canada site and you'll get all the info/forms you need. Baring that get the advice of a CPA.
2007-02-05 06:25:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋
On your Search engine type in CRA to get to main page of CRA, look under Individuals, then click Homeowners and then Renting Your Home.
2007-02-06 06:20:18 · answer #6 · answered by monkeyface 1 · 1⤊ 0⤋
wot, u living in dream land.cause not people would be buying houses then renting them out and then not paying the mortgage lenders back.
2007-02-05 06:24:24 · answer #7 · answered by Anonymous · 0⤊ 1⤋
No, but you can get a portion back.
2007-02-05 06:21:55 · answer #8 · answered by Daniel-san 4 · 0⤊ 1⤋