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Investors and rental owners
As per the Canada Revenue Agency (CRA) the mortgage interest can be claimed but the mortgage insurance is not listed. Please see Line 8710 – Interest and bank charges.
Common deductible rental expenses include:
- Supplies, such as bedding and toiletries
- Insurance
- Interest and bank charges
- Professional fees, including legal and accounting fees
- Repairs and maintenance if you hired someone to do the work
- Property taxes
- Travel needed to collect rent, supervise repairs, or manage your properties
- Utilities
- Prepaid expenses
For more information please Contact the Canada Revenue Agency.
December 26, 2021
11:27 AM