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what to claim on my taxes?

Discussion in 'Ask A REIN Coach (Certified REIA)' started by Deeker, May 12, 2017.

  1. Deeker
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    Deeker New Member Registered

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

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    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.
     
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  3. ThomasBeyer
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    ThomasBeyer Well-Known Member REIN Member

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    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)
     
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