All Questions
8
questions
3
votes
0
answers
70
views
Can I deduct expenses from rental income on my principal residence without making it not a principal residence?
TLDR: can I still claim 40% of all of these expenses (screenshot from simpletax) on my taxes when renting a portion of my Principal Residence and it still be considered principal residence? and ...
- 183
2
votes
1
answer
436
views
Canada/ON: Can one of the co-owner (Joint Tenancy) of a rental property claim all the income/expenses/taxes, without it affecting ownership basis
All I can find is the following, but it is for USA.
https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/no-is-the-brief-answer-generally-each-of-you-would-rep/01/159513/...
- 21
1
vote
0
answers
71
views
Paying tax on rental property in UK as a Canadian resident
We left the UK in 2013 and have rented our apartment to friends and family ever since.
We make almost no money from the rental, it barely covers costs and have had to pay out for repairs since we have ...
- 11
8
votes
3
answers
450
views
Is it tax-inefficient to receive and pay rent?
Suppose I own a home and live in it. Then I realize I want to move to another part of town that is closer to work. But this is temporary because I don't know what my job will be in 5 years.
So I rent ...
- 264
0
votes
1
answer
155
views
Do I have to pay tax on Capital Gained on primary property?
I am a Canadian citizen. I have been worked for a company in Mississauga, Ontario since 2016. Around this time my dad was diagnosed with illness so in March 2016, he added my name to his property in ...
- 101
3
votes
0
answers
127
views
Can construction Soft Costs be carried forward on Canadian rental income?
I built a home and am renting it out for profit. While building, I incurred soft costs (mainly interest costs on money borrowed during construction, and insurance costs). In the years that I had these ...
- 31
1
vote
1
answer
580
views
Can you combine multiple rental incomes and expenses for tax purposes in Canada?
I have been reporting my rental properties income and expenses separately using tax filling program called GenuTax.
It's rather time involved, to simplify things I am wondering if it is possible to ...
2
votes
1
answer
4k
views
If my rental property income and mortgage payment are equal, do I need to pay income tax on any rent revenue?
Let's say I have a monthly mortgage payment of $1600 on a condo I own, and the condo is rented out for $1600. Then, I'm breaking even. Hence, I would not need to pay any tax on my rental income. Would ...
- 16k