- Learn how to claim rental income and expenses -Form T776
- Study The Rental Guide
- Please use the attached form for the rental information
- Pay close attention on how you split the rental income and expenses
Documents for Assignment:
Additional Questions to Complete:
- How much taxes would a home owner pay if their home is a principal residence and they don’t rent it out?
- How much taxes would a home owner pay if their home is only for renting? Bought for 400k and sold for 500k.
- When is fixing up your home considered maintenance and when is it considered an asset?
- Which CCA categories do these assets belong? Furniture, Electrical work, Carpet.
- What are the benefits and drawbacks of depreciating a rental home?