Years ago my wife and I decided to share the net income from her rental properties to save taxes. We filed accordingly. That advantage no longer exists.
If you are either partner or co-owner, you are in a deemed disposition position. As well, it is likely to attract CRA's attention, and they could request proof that you actually were an active partner in the rental. If they felt you were not, they can go back and reassess the last three years at least. You would be best to leave it as it is, or change the partnership split by a percentage to reduce the income on your return.
If you are either partner or co-owner, you are in a deemed disposition position. As well, it is likely to attract CRA's attention, and they could request proof that you actually were an active partner in the rental. If they felt you were not, they can go back and reassess the last three years at least. You would be best to leave it as it is, or change the partnership split by a percentage to reduce the income on your return.
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