Personal Finance

Taxes - Condo Rental Income

  • Last Updated:
  • Apr 17th, 2011 11:36 am
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Newbie
Sep 2, 2010
12 posts
GTA

Taxes - Condo Rental Income

Hi,

I have a condo that I hired a property management comp to rent out.

We signed the contract in Dec, they clean up the place etc [which cost me $300], and found a tenant in April.

The tenant will start renting out the place in May 2011.

Question:

Am i able to claim condo maintenance fees, mortgage payments etc as a deduction in my taxes even thought the condo was rented out in May 2011 (the tenant will move in May 2011)??


Thanks in advance
6 replies
Deal Addict
Jul 20, 2005
1293 posts
63 upvotes
Yes, but you can't claim full mortgage payments, just the interest part. Can't believe it took your property management company so long to find a tenant though.
Member
Aug 25, 2009
379 posts
382 upvotes
i think you can claim other fees too, like notary fee and property taxes.
Newbie
Sep 2, 2010
12 posts
GTA
1) How can one find out what the interest part is? Is that something that I have to ask TD bank [who holds the mortgage] for ??

2) Do I need to provide receipts for the maintenance fees paid to the condo corp??



monomono wrote: Yes, but you can't claim full mortgage payments, just the interest part. Can't believe it took your property management company so long to find a tenant though.
Newbie
Sep 2, 2010
12 posts
GTA
1) I just bought the condo last year [Nov 2010] ... so havent received an quarterly statement yet.

2) I buy the condo maintenance fees via direct debt. Do I need to request the condo corp for receipts?



EPcjay wrote: 1. Your bank should send you a quarterly/yearly statement stating the interest you have paid.

2. I believe you can use your returned cashed cheques as receipts for condo fees. (correct me if i am wrong)


Here's a good website to read


http://www.taxtips.ca/personaltax/prope ... penses.htm
Deal Fanatic
Nov 11, 2008
8976 posts
2827 upvotes
canada201 wrote: 1) I just bought the condo last year [Nov 2010] ... so havent received an quarterly statement yet. > I bought my condo in sept 2010, and got something in the mail last month. call you bank and follow up

2) I buy the condo maintenance fees via direct debt. Do I need to request the condo corp for receipts?
> Yes. cra always requires some sort of proof

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