income is income you earn from renting property that you own or have
use of. You can own the property yourself or with someone else. Rental
income includes income from:
in an office building and
real or movable property
you receive any rental income you should report the total income
and then claim any of the following expenses:
and administration fees
accounting and other professional fees
wages and benefits
you rent out part of the property which you live in, then a personal
portion of the expenses will have to be allowed for.
You are required to keep detailed records of all income received
and retain all supporting documents such as receipts for all expenses
The net income you receive from rental property is entered on line
126 of your tax return. Taxes paid on any profit will depend on
which tax bracket you fall into in that year.
Capital cost allowance (depreciation) can also be claimed, but there
are limits and restrictions.