Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 29, 2021 5:59:48 AM

How do I submit my income from rent collected from my roommate?

0 1 253
1 Replies
Moderator
Mar 31, 2021 3:07:11 PM

It depends. If you are charging your roommate rent in order to make a profit, then you would enter it as rental income.

However, if you only take rent from your roommate to cover the total rent you have to pay, then you would not include this income on your tax return. The CRA would consider it a “cost sharing arrangement”. You can read more on this CRA webpage: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/renting-below-fair-market-value.html

 

If you have TurboTax Live Assist & Review, here is how to talk to a Tax Expert: https://turbotax.community.intuit.ca/community/navigating-turbotax/help/i-m-using-turbotax-live-assist-review-how-do-i-talk-to-a-tax-expert/00/873764