For mortgage payments, you can only claim the interest portion paid against rental income.
Technically Yes, net rental loss can be used to offset other income to pay less tax. But if you have rental loss every year, CRA May deny your offset because you are supposed to be in rental business to make money. If you loose money all the time, then you shouldn’t in that business.
What are the other incomes? Do you have an example? T4? capital gain from stock market?ml88888888 wrote: ↑ Technically Yes, net rental loss can be used to offset other income to pay less tax. But if you have rental loss every year, CRA May deny your offset because you are supposed to be in rental business to make money. If you loose money all the time, then you shouldn’t in that business.
If it's a rental property, in the income section on a tax return there is a line for other business income (farming, fishing etc.). Just complete an income statement for your business (rent, less expenses like mortgage interest etc.) and enter the profit/(loss) on that line. If you lost money, it reduces your taxable income.
My guess is yes. But phone CRA and ask.GoodFellaz wrote: ↑ Hello, question here about my 2019 income tax and RRSP. I submitted it 2 months ago thru my "Tax Guy" who is a professional chartered accountant. It Finally showed Assessed 2 days ago on the CRA web site. but my NOA is not yet available. I JUST realized the Tax Guy made a mistake and did not put the right amount for my RRSP Contribution, I have 2 sets of slips, one for 2019 and one for First 60 Days 2020, I had only one slip at the time but had the amount of the other slip the bank gave me and wrote it down and put it on the letter and gave it to my tax guy, and told him I will get the second slip its in the mail, and he still forgot to include it, I am doing HBP repayment so that amount reflects my yearly hbp repayment amount so this is why i wanted to include it, can i change it before the NOA or should i do it after?
same thing with last year he did not alocate my rrsp towards my hbp repayment as i had instructed and i found out, should i change last year (2018) then my 2019 so as my NOA reflects the true amount?
You can keep claiming until CRA denies you.porchemasi wrote: ↑ I always wondered if the INTEREST portion of your mortgage + property tax + insurance and other legitimate current expenses causes a loss every month. Are you allowed the keep the rental property wrt claiming losses? There is no reasonable expectation in near future to make a profit..... i am losing money also. I am OK being negative as I hope the appreciation covers the loss and it goes against my other income.... I have proof i am charging on-par rent in my area.... expenses are all legit.... i guess we will see..
The important factor is what I bolded above. You're fine.porchemasi wrote: ↑ I always wondered if the INTEREST portion of your mortgage + property tax + insurance and other legitimate current expenses causes a loss every month. Are you allowed the keep the rental property wrt claiming losses? There is no reasonable expectation in near future to make a profit..... i am losing money also. I am OK being negative as I hope the appreciation covers the loss and it goes against my other income.... I have proof i am charging on-par rent in my area.... expenses are all legit.... i guess we will see..
If you own a separate principal residence or are simply renting, your rental residence and all expenses directly attributed to the upkeep of that property are 100% deductible against other income (such as employment income) provided you have 100% ownership. If the rental residence is jointed held with a spouse or relative, you can each declare 50% of the rental gain or loss. You will need to fill out the T776 form for Rental Income and attach to your return. If you are using tax software, it is relatively painless as the forms will be included and automatically used in the final calculation of taxes.
Yes, for reasons I stated in a previous reply. I was a landlord for over 18 years and many of those years were showing net losses as I had major unexpected repairs like a roof and replacement of sewer drains. In the end, CRA collected thousands in taxes after I made a profit from the sale of my property.porchemasi wrote: ↑ I always wondered if the INTEREST portion of your mortgage + property tax + insurance and other legitimate current expenses causes a loss every month. Are you allowed the keep the rental property wrt claiming losses? There is no reasonable expectation in near future to make a profit..... i am losing money also. I am OK being negative as I hope the appreciation covers the loss and it goes against my other income.... I have proof i am charging on-par rent in my area.... expenses are all legit.... i guess we will see..
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