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Rental Property Income


Depending on the situation, income from a rental property can be classified as rental or business income. If the rental property is not a part of or incidental to a business operated by the individual, it will be considered as being a property income. This is also affected by the number of services offered by the owner. All income received from a rental property not considered as a business must be included as part of the income tax of the individual. However, this income is proportionally reduced by the expenses incurred directly from the property such as: mortgage interest, property taxes, utility costs, insurance, maintenance, advertising, management fees, and so on. You must also consider the impact that the location of your rental property will have on how you calculate your income. Canadians who hold all their property in Canada are subject to different regulations than those whose properties are in the US. For more information on the difference way rental properties are handled see US rental properties. Don’t waste time or money; make sure you have all the necessary paperwork with you!