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Thread: Question on Tax on income

  1. #1
    CaLoonie
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    How would you report your rental income for your tax return? Do you just report the total rent you collected over the year or you report the net income like you would subtract your expenses such as mortgage or maintenance fees from the total rent collected, and then report that net amount as your income on your tax return? The reason I am asking is because in order to rent a property out, you need a business license from the city and this means you are running it like a business. So, if you are running it like a business, then you should be allowed to deduct expenses from your revenue (total rental income). I am just confused, hope you can help clarify this.
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    Last edited by Freestuffrighthere; Sun, Jan 8th, 2017 at 04:50 PM.
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  2. #2
    Mastermind Shwa Girl's Avatar
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    Canada Revenue Agency link to rental income reporting
    http://www.cra-arc.gc.ca/rental/
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  3. #3
    Dancing bean paste bun Ciel's Avatar
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    Hello, OP! Yes, there is a specific line on the tax return for rental income and for expenses. Yes you can claim eligible expenses against rental income.

    CRA is quite specific about different income streams and how they are reported. The link that @ShwaGirl posted will guide you through the expense claims and reporting/records requirements.
    Last edited by Ciel; Sun, Jan 8th, 2017 at 08:35 PM.
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  4. #4
    CaLoonie
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    Thank you Shwa girl and Ciel for the replies
    GET $5 OFF Herbal and Nutritional Items Coupon Code: XIF785 http://www.iherb.com Low shipping charges to Canada Save about 30-40% Off retail prices. 14,000+Brand-Name Herbal & Nutritional Items Pay No TAX on items!

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