Rental Properties

Rental Properties Expenses and Deductions

Get your deductions right!

Do you own a property from which you are earning rental income? Is it owned personally?

If rental income is earned from renting a property that you own personally, it is required to be reported on your personal income tax return.   Rental income includes income from renting a house, condominium unit, commercial space, or other real or movable property.

All reasonable expenses relating to the rental unit can be claimed against the rental income and include, but are not limited to:

• Advertising;
• Insurance;
• Mortgage interest;
• Property taxes;
• Professional fees;
• Repairs and maintenance;

We have the experience and knowledge to help you understand the tax reporting required for a rental property. We can also discuss the short and long-term strategies for minimizing your taxes with respect to your rental property.