Renting property can be a lucrative way to make money. Rentals come in all different forms starting from detached homes, to apartments and condos, and even rooms in your principal residence. Even if you’re renting your basement apartment to a student, this is considered rental income, and it must be declared.
If you owned a rental property in 2016, any net income or loss must be reported on your 2016 income tax return. Rental income is reported on a calendar-year basis (if personally owned), and we here at AR Jaffer Professional Corporation can assist you.
Our staff can provide you with many services relating to:
- Purchase of rental property
- Sale of rental property
- Share of ownership
- Determining expense deductibility
- HST rebate application