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Rental Income Information Required

You may use the form on the right if your case is simpler. Please provide the following information, if applicable.

  • the name(s) of other co-owner(s), if any, and their share of ownership
  • if the property is also your principal residence (ie. the primary location where you inhabit), the percentage of area used for rental
  • address of the rental property
  • the purchase price of property (before property transfer tax)
  • the year in which the property began to earn rental income
  • if you have claimed capital cost allowance in previous years, the balance of the undepreciated capital cost of the building (ie. the balance of the capital cost left for further depreciation at any given time)
  • legal fees and other costs (such as commission and referral fees) connected with buying the property
  • the costs of furniture and equipment you are renting with the property
  • interest paid (such as mortgage and line of credit interest charge) and bank charges
  • advertising
  • property and third party insurance
  • strata property management and administration fees, if the rental property is strata
  • special levies, if the rental property is strata
  • fees paid to rental agents
  • professional fees (includes legal and accounting fees) incurred to earn your rental income
  • repairs and maintenance related to the rental operation
  • motor vehicle expenses incurred in the rental operation
  • office expenses (may include small items such as pens, pencils, paper clips, stationery, and postage)
  • other expenses (such as landscaping costs and payments to tenants to cancel unexpired lease)
  • property tax
  • salaries, benefits and payroll expenses (including employer's contributions) to employee(s) hired in the rental operation
  • travel expenses
  • utilities, hydro, natural gas and water
  • details of property value (both land and building) in the year when it was sold or ceased to be a rental property

Some expenses are not deductible. For example, property transfer taxes, mortgage principal repayments (which are not expense per se), penalties from notice of assessment or notice of reassessment, value of your own labour, personal portion of expenses.

If you are modifying a building to accommodate persons with disabilities, buying an older building, please read Capital expenses - Special situations.

[This page was added on 8 December 2018, last revised 11 December 2018.]