Whether you collect rents from your investment properties or you just rent your basement to help your mortgage, you are required to report your rental income to Canada Revenue Agency when you file your personal tax return.
Generally, you can deduct any reasonable expenses you incur to earn rental income, such as insurance, mortgage interest, property taxes, and etc. If you rent part of your house, the expenses have to be prorated.
When you sell your property, you may have to report a capital gain.
You have to keep detailed records of all the rental income you earn and the expenses you incur to support your claim.
At Proccounting, our tax professionals will help you:
- review all allowable expenses
- assessing current expenses or capital expenses
- determine capital gain on sale of property
- prepare the statement of real estate rentals
- assist with Canada Revenue Agency audit
- Tax Return Preparation
- Private corporation tax services
- Taxes for self-employed (Freelance, Consultant, Sole proprietor, Independent Contractor, Lawyers, Commission-based Salespersons etc.)
- Rental income tax for rental property owners
- Tax for employees qualified to claim employment expenses
- Prepare Family tax returns together
- Tax on investment income
- Students and income tax
