www.get-it-made.com
Text Box: TAX TIPS—RENTALS

At the bottom of the page we have provided a form that may be helpful in tracking your expenses (& revenues).  If you use this form, please include it with your taxes — we do NOT necessarily need to see the receipts. 

Please take a look at the forms, they provide examples for each expense, as well as some notes. 

Below is a listing of common business expenses; each is  web-linked.  For general information go to:
RENTAL

Rental Expenses:
Prepaid expenses

Line 8521 - Advertising

Line 8690 - Insurance

Line 8710 - Interest

Line 8860 - Legal, accounting, and other professional fees

Line 8960 - Maintenance and repairs

Line 8871 - Management and administration fees

Line 8810 - Office expenses

Line 9180 - Property taxes

Line 9060 - Salaries, wages, and benefits (including employer's contributions)

Line 9200 - Travel — This is NOT always claimable; see website for details.

Line 9220 - Utilities — power, heat, water, cable, etc.  IF it is INCLUDED in rent ONLY…  If your tenants pay it separately or pay you separately for these expenses, you CANNOT claim them...

Line 9270 - Other expenses


Capital cost allowance - This is depreciation on your assets.  


Line 9281 - Motor vehicle expenses -  This is NOT always claimable; see website for details.

You must keep a record of the total km you have driven during the year AND the total km you have driven FOR BUSINESS.  Log books can be purchased at office supply stores and office supply sections in large department stores.

For information on claiming lease payments, CCA (depreciation on a vehicle) or loan interest, please go to the website.


****ALSO: Don’t forget to include the address, # units of your rental property AND the % ownership if you have a partner.


Form:

Check-list Form — EXCEL
			
			.PDF 

This check-list will help you to make sure you have all the information gathered that you will need to complete your taxes.


Rental Expenses Form — EXCEL  (in .zip format)    
If you require the form in a different format, please contact us.

The forms have a number of places where you can specify a % personal use.  This is here because some rentals are basement apartments, etc. and the owner also lives in the same location—only part of the expense is rental related.  

*The Excel files are in .zip format to make it easier to download, some systems have problems with excel files…