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New Member

I rent out 1 room of my 4- bdr principal residence. Will this affect its principal residence status? Thanks!

Since I can only find "rental property" in the Income section on this software, I also would like to ask where I should put the rental income & exp. from principal residence by using this software? Many thanks!

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New Member

I rent out 1 room of my 4- bdr principal residence. Will this affect its principal residence status? Thanks!

No if you are only renting out a small portion of your property and the rental is incidental to the overall use and purpose of the property it will not impact the tax free Principal Residence Designation. However you must report the income related to the rental (claiming reasonable expenses) and not claim capital cost allowance on the rental unit.

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Highlighted
New Member

I rent out 1 room of my 4- bdr principal residence. Will this affect its principal residence status? Thanks!

No if you are only renting out a small portion of your property and the rental is incidental to the overall use and purpose of the property it will not impact the tax free Principal Residence Designation. However you must report the income related to the rental (claiming reasonable expenses) and not claim capital cost allowance on the rental unit.

View solution in original post

New Member

I rent out 1 room of my 4- bdr principal residence. Will this affect its principal residence status? Thanks!

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