Income from a rental property is reported with all other personal income on your T1 income tax return. A determination must first be made whether the income is reported on a Statement of Real Estate Rentals or a Statement of Business or Professional Activities. This will depend on the services you provide the renter. Special consideration must be given when determining the amount of Capital Cost Allowance (CCA) used when preparing your rental statement. When selling, a Capital Gain (Loss) will need to be reported and “recapture” may come into play. Our qualified tax preparers will review all options pertaining to your rental property.
Corporate Referral ProgramRefer a colleague or friend and in return we will thank you with a $200.00 Visa gift card!