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First Tax season as a Landlord

Discussion in 'Real Estate Discussion' started by Simondial, Jan 9, 2018.

  1. Simondial
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    Simondial New Forum Member Registered

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    It is my first Tax season as a landlord and Property owner.
    I bought my first property this year. It is divided into three units, one per floor. I live in the basement unit and rent out the other two.
    I spent a couple of months and a few thousand dollars renovating the basement and have kept my receipts for everything.
    I'm just wondering if anyone has any tips for the upcoming tax returns as I'm slightly worried about what I might owe having taken in extra income through rent.
    Regards.
     
  2. ThomasBeyer
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    ThomasBeyer Senior Forum Member REIN Member

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    You can deduct all expenses incl mortgage interest pro-rata, plus you can depreciate the income producing asset’s portion by 4% per year, excl land value. Plus you can expense a few of the upgrades as non-capital items or depreciate the capital items over 10 years too. Look up form T776 on the CRA website. All online.


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  3. Tina Myrvang
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    Tina Myrvang Client Care Specialist Staff Member REIN Member

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    Always get a professional on your side.

    BDO Canada
     
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