Rental Expense Deductions - Rental Property Income Filing (T776)

With rents going up in recent months in Vancouver and nearby areas we get a lot of landlords who are unaware of the rental expense deductions available.

There are two main types of expenses - Current expenses and capital expenses. A current expense usually triggers again after a short period while a capital expense generally gives a long lasting benefit. If you are unsure of what type of expense - please use these examples provided on the CRA website.

In general - Below are some of the expenses that can be deducted

• Management and administration fees
• Repairs and maintenance
• Salaries, wages, and benefits (including employer's contributions)
• Advertising to find tenants
• Home or rental Insurance
• Interest and bank charges on the Mortgage
• Office expenses incurred
• Professional fees (includes legal and accounting fees)
• Property taxes
• Travel
• Utilities
• Motor vehicle expenses
• Other rental expenses
• Prepaid expenses

If you are modifying or repairing a building for a person with disabilities - you maybe eligible for an extended deduction. Read more about it here

Have you forgotten to deduct rental expenses in previous years? We can help you refile a return up to 10 years to include them. Contact us at Canatax pros by calling 604-373-0788 , emailing us at commercial@ctpros.ca or by simply filling in the contact form at https://canadataxpros.com/contact/

Disclaimer: This article only provides general information which is not construed as professional advice. Readers seeking professional advice must consult an experienced and a qualified professional in the respective field.