Investors and rental owners

Your land lease payments do not qualify for any tax deductions as this is your principal residence. These costs are considered personal in nature and therefore are not deductible. If the property was used to produce income these costs may be deductible against the business or rental income you are reporting.  

However, depending on your province of residence on Dec 31, you may be entitled to a provincial credit or benefit. IE: if you live in the province of Ontario, the rent and property taxes could be claimed for purposes of the Ontario Trillium Benefit.

View solution in original post