Rental Taxes

Rental income is income earned from renting property that you own. You can own the property by yourself or with someone else.

– houses

– apartments

– rooms

– space in an office building

– other real or movable property

Keeping Records

Keep detailed records of all the rental income that you earn and the expenses that you incur. You have to support your purchases and operating expenses with:

– invoices

– receipts

– contracts

– other supporting documents

Bring your records with your tax information. CRA may not allow all or part of your expenses if you do not have receipts or other documents to support them.

Generally, you must keep your records for six years from the end of the tax year to which they relate.

A Primary Rental is a rental that exists within your home and a Secondary Rental includes all other rentals except for business or corporate.

Please refer to our Primary Rental and Secondary Rental cheat sheets.