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  • Basement rental suite, Capital gains issue.

    Hello All, we are getting our basement built and getting it as legal secondary suite. Our purpose might be renting it out or do an AirBNB based on whatever works best. We were informed by a friend that if we do any of the above, the basement portion of the house will be considered as a rental proper...

    • cec4111
    • Apr 19th, 2022 10:51 am
    • Forum: Real Estate

  • Capital gains on basement rental in primary residence?

    If my home is worth 1,000,000 I renovate my basement for 100k and rent it out, basement is 25% of my property's total SQFT. and I sell the property for 2,000,000 10 years later and my marginal tax rate is 33% at the time of sale Is the math below correct for calculating my capital gains tax on the r...

    • duffman316
    • Jan 30th, 2022 8:48 pm
    • Forum: Real Estate

  • Basement rental construction question - Mississauga

    Hi, I live in a Semi detached house in Mississauga and have a finished basement that is not being used at all. The previous owner had a kitchen and rented that but we opted not to as the unit wasn't legal. I am looking to approach the city seeking permission to convert into a second unit (apartment)...

    • jay_jay
    • Jul 19th, 2021 11:37 pm
    • Forum: Home & Garden

  • advise needed for building a basement rental suite

    The basement of my home was currently used as a rec room. It already has a bedroom . I am trying to build a kitchen and install washing machine to convert it into a rental suite. A friend who is also a housing inspector suggested to put the washing machine inside the furnace and hot water tank room ...

    • cyberguy69
    • May 6th, 2021 5:27 am
    • Forum: Real Estate

  • Basement rental - TAX

    My sister is renting her basement out to a pensioner. Does she have to declare the income? I'd she didn't, would CRA find out anyway?

    • sooperG
    • Oct 27th, 2018 12:06 pm
    • Forum: Personal Finance

  • Basement rental income which form?

    I am renting my basement which CRA form should I use to declare this income? t2125 or 776. I am also declaring self employment income for another activity which I collect HST and have an HST number.

    • dataonelk
    • Mar 14th, 2018 11:39 am
    • Forum: Personal Finance

  • Basement Rental Percentage Claim for Reporting Tax

    I provide utilities and internet to my rental basement as part of the rental. For reporting tax, I can claim a portion as part of rental. I am wondering if these percentage is within reasonable range that CRA will not flag. Gas 70% Electricity 70% Water 70% Property Taxes 35% Home Insurance ??? - no...

    • jdu0ng
    • Mar 9th, 2018 12:59 pm
    • Forum: Personal Finance

  • Home utilities cost with Basement rental suite

    Hi there, I just purchased a home and plan on renovating and renting out the 2 bedroom in the basement for added income. How much in general do you guys pay in utilities with the added people/usage in the house? Hydro ? Gas ? Water ? Appreciate any insight. Trying to calculate monthly utilities costs.

    • afshaikh
    • Nov 30th, 2016 2:59 pm
    • Forum: Home & Garden

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