Personal Tax Services

Rental Property Tax Deductions

Rental property can be a great investment, however, if your knowledge of the process is insufficient it may become detrimental in the long-term as opposed to beneficial. Additionally, rental property owners are responsible for paying property taxes to the government as well as claiming the income you receive from rent expenses.

It is important to understand the positive and negative effects of being a rental property owner and using these tips and tricks to become a productive and successful property owner.

Favorable deductions (tips) available to you:

  • Vehicle expenses
  • Travel expenses
  • Capital expenses
  • Repair and maintenance
  • Insurance premiums
  • Utilities

Unfavorable sources (tricks) that the government can use against you:

  • If you rent out a portion of your home, be careful about the portion of expenses you claim as it could jeopardize the principal residence exemption on the property.
  • Many people claim depreciation on their rental properties. This can be dangerous as it could lead to a potentially large tax bill upon the sale of the property.

Let Numbers Plus® provide you with the knowledge needed to be a successful rental property owner. Let our team of experts strategize and create a plan that outlines all the tricks and/or disadvantages to avoid and all tips and/or advantages you deserve.


Important Dates

April 30

Personal tax payments are due. Tax return filing deadline is April 30th unless you or your spouse have business income then filing deadline is June 15th.

March 31

Trusts: Payment and filing deadline is March 31st (three months after the year end which is Dec 31st) unless a Graduated Rate Estate which is three months after the...

February 28

Tax Slips (T4, T4A, T5, …): Payment deadlines are as per usual (i.e.

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FAQ

Where are you located?

We are located on 168 Queen Street in Mississauga, ON in suite 209. The office is located in beautiful downtown Streetsville.

What are your hours of operation?

Our standard working day runs from 9am to 5pm. We can occasionally accommodate appointments outside of these hours.

Do you have parking?

Yes. We have parking in the back of the building with easy access to our office. If you require public transportation, the Mississauga Transit system stops in front of our office and the Streetsville Go Station is only a few blocks away.

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