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New Member
posted Apr 24, 2022 6:31:03 PM

How accurate should the rental expenses be? Can I round it off?

I found an answer in the community stating that I can claim heat, hydro, water, home insurance and mortgage interest as rental expenses. I had 50% of my principal residence rented out last year. Should I be going through each month's bill to calculate everything? Can I round it off to nearest 10 or even nearest 50?

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1 Replies
Intuit Alumni
Apr 29, 2022 8:19:48 AM

Your expenses are to be accurate as the Canada Revenue Agency (CRA) can call on you to prove every expense with a receipt. Yes, you will need to go through each month to calculate the 50% of each bill and keep all your calculations and receipts filed should the CRA ask for them.

 

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