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If you receive rental income that exceeds your total expenses, allowances and reliefs, then you are required to pay tax on this income by submitting a tax return. If your rental property generates a loss, you may want to voluntarily disclose it because this allows you to make use of the loss in the future should the property turn profitable.

Below are some common areas that TaxAssist Accountants can help you with your property affairs:

Deciding on your main residence

If you do own and personally use more than one property in Canada, it is possible to make an election to nominate which property should be treated as your main residence for tax purposes. We can advise on the implications of making such an election, the qualifying conditions that must be met and help to decide if it would be beneficial for you depending on your personal circumstances. There are strict time limits for making this election, which has to be filed with Canada Revenue Customs, so it is important that advice is sought promptly.

Selling property

If you do own and personally use more than one property in Canada, it is possible to make an election to nominate which property should be treated as your main residence for tax purposes. We can advise on the implications of making such an election, the qualifying conditions that must be met and help to decide if it would be beneficial for you depending on your personal circumstances. There are strict time limits for making this election, which has to be filed with Canada Revenue Customs, so it is important that advice is sought promptly.

Landlords

If you rent out property you will pay income tax on the difference between the rents you have charged in a tax year, less any allowable expenses and charges. We can help you to make sure that you are claiming all of the expenses and reliefs you are entitled to.

Knowing what maintenance and repairs can be deducted can be tricky, because there are a number of different methods that can be used depending on your circumstances. We can discuss your options with you and make sure that you make the right choice; to optimise your tax position and fit your needs. We can also make sure that you are claiming all of the finance costs for any loans or mortgages you have on your properties, as again, this can be a complicated area and taxpayers can miss out on valuable tax relief.

Renting rooms in your home

We can provide you with advice regarding all tax aspects of buying, selling and renting property. We have only included a few areas for you to consider on this web page. If you are about to invest in, dispose of, or let property do give us a call.

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