what to claim on my taxes?

D

Deeker

New Forum Member
Registered
#1
Apr 14, 2017
9
0
1
48
#1
Hello,
I will be renting my home and buying another to live in soon?

what types of things can I look forward to claiming on my annual taxes?
or
were would i find this information? online? Books? Etc..

Derrick
 
Tina Myrvang

Tina Myrvang

Client Care Lead
Staff member
REIN Member
#2
Nov 15, 2010
1,503
473
101
57
#2
Hello Derrick,
I would highly suggest getting a professional accountant to help you with this. His advise will help you arrange and be ready for taxes when due and what you need to claim.
Have a great day.
 
Likes: Marnie
Thomas Beyer

Thomas Beyer

0
REIN Member
#3
Aug 30, 2007
13,881
2,113
113
Alberta and BC - The Top 2 Places on the Planet to
#3
You have to do four things. You need to

  1. think like a business owner, and as such need to be eduated on landlording, marketing, tenant retention etc. REIN is invaluable in that aspect
  2. fill in form T776 as part of your annual tax filings ... form see here http://www.cra-arc.gc.ca/E/pbg/tf/t776/README.html
  3. keep good records of all items ie leases, utility bills, roof repair bill, fridge bill, mortgage statements etc
  4. have evidence of value of the rental property at time of conversion as you will have to pay capital gains taxes when you sell it eventually on the gain from that point forward (this could be an appraisal, or a realtor opinion, or just comparables)
 
Likes: Cindy and Deeker
You must log in or register to reply here.