Rental Property Income And Expense Details

ADVERTISEMENT

RENTAL PROPERTY INCOME AND EXPENSE DETAILS
NAME: __________________________________________________________________________________
TAXATION YEAR: _________________
Did You:-
Buy during the year?
Date: ________________
Please provide Lawyers Statement of Adjustments
Sell during the year?
Date: ________________
Please provide Lawyers Statement of Adjustments
Address of Rental Property
EXPENSES
Advertising
House Insurance
Mortgage Interest
GROSS RENTAL INCOME
$
Office Expenses
Period covered from
Legal & Accounting (do not include
to
purchases or sale legal fees)
Co-Owner: (if applicable)
Management & Admin Fees
Maintenance & Repairs (do not include
Name
capital items
Property Taxes
S.I.N.
Utilities (Hydro & Gas)
% of ownership
Light, Heat, and Water – paid to the City
If rental unit is part of your home:
Square footage devoted to rental:
Strata Fees
Total Square footage of home:
Other: (please specify)
Capital Items – e.g. appliances
-
major renovations
(related to rental unit only)
Auto: (if you own 2 or more rental
properties) please complete Automobile
Expenses sheet
Tips on reporting rental property income:
Canada Revenue Agency may attempt to deny rental losses, especially if there is any element of personal use associated with the
property
Capital cost allowance is allowed to be claimed, but may not be claimed to create or increase a net loss from your rental properties
combined.
Each rental property costing more than $50,000 must be placed in a separate pool for claiming capital cost allowance.
Capital expenditures such as the cost of land, property purchase tax, legal and other costs associated with the purchase, or major
repairs which extend the useful life of the property, are not deductible, but instead form part of the purchase price, which may be
deducted against the proceeds on ultimate sale.
If you receive rental income from undeveloped land, you may be restricted in the amount of interest and property taxes you may
deduct. You may not create or increase a loss by claiming these costs. Instead these costs may be able to be added to the cost base.
GEORGE & SABBADIN, CGA’S
17678 – 58A AVENUE, SURREY, BC V3S 8V7 TEL: 604-576-9242 FAX: 604-576-9258

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go