Maksim59
New Member

Son manages rental properties for a fee

Hello, me and my wife own 5 rental properties and we pay our on 4% of gross income to manage the properties and 150$/unit for concierge work. Me and my wife will declare those expenses on the T776 form of each building. Do we need to do anything else on our end?

Furthermore, how can my son declare this income in TurboTax?

He doesn't have a company and we don't either. The total amount we pay him amounts to around 15-18k per year depending on the year, vacancies, etc.

‎February 2, 2024 6:05 PM
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TurboTaxSusan
Moderator
Moderator

Investors and rental owners

I would recommend contacting the Canada Revenue Agency (CRA) and asking them how they would like you to treat the payments to your son. Employing a family member is allowed but can cause problems with the CRA. 

 

If you are in Canada or the United States, you can call the CRA at 1-800-959-8281. If you are elsewhere, you can call 613-940-8495. This page has more ways to contact the CRA: Contact the Canada Revenue Agency

 

Your son can report the income as "Other Employment Income". But if he wants to claim expenses, then he would have to claim the amounts you paid to him as self-employment income.

‎February 3, 2024 11:02 AM
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