We have a great example here for you to follow, to show you the percentage you should claim. Please note that if you have a rental property and don't expect to make a profit you then won't be able to claim it- as per CRA.
As per CRA- Report the rental income you earned in the calendar year from January 1 to December 31.
In most cases, you calculate your rental income using the accrual method. For this method you:
Incur usually means you either paid or will have to pay the expense.
If you have almost no amounts receivable and no expenses outstanding at the end of the year, you can use the cash method.
For this method you:
If you use the cash method and receive a post-dated cheque as security for a debt, include the amount in income when the cheque is payable.
You can use the cash method only if your net rental income or loss would be almost the same if you were using the accrual method.
We use the accrual method for the examples in this guide.
Who reports the rental income or loss?
The person who owns the rental property has to report the income or loss. If you are a co-owner of the rental property, your share of the rental income or loss will depend on your share of ownership.
The rental income or loss percentage you report should be the same for each year unless the percentage of your ownership in the property changes.
For more information please contact CRA directly.
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