I have a large rental income loss (expenses far ex...

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
EnglishEN

Pick a language

Français English
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

I have a large rental income loss (expenses far exceed rent collected), am I able to carryforward some of the loss to next year's return?

 
1 Reply
Highlighted
Moderator

I have a large rental income loss (expenses far exceed rent collected), am I able to carryforward some of the loss to next year's return?

Rental expenses have to be claimed in the year they were incurred. Rental losses can be claimed against other income like employment income.

But first, you will need to determine if your expenses are current or capital expenses.

Here is more from the CRA:

Rental expenses you can deduct: http://www.cra-arc.gc.ca/tx/bsnss/tpcs/rntl/bt/rprt/xpns/menu-eng.html

And this one from TurboTax Tips:

Dos and Don’ts: CCA for Rental Property Explained:  https://turbotax.intuit.ca/tips/dos-and-donts-cca-for-rental-property-explained-6377

v