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posted May 31, 2020 7:12:32 PM

Im only earning 15.20 cdn dollars mo. for my condo.unit What is the annual gross rent? rent is 1,100.00 mo. my mortgate is 398.73 biweekly and condo fee 287.434 monthly

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1 Replies
Level 15
May 31, 2020 8:20:36 PM

You may only be earning a minimal amount as a profit on your rental property, but CRA still requires you report this.

 

You will report the "Gross Income" as the actual amount you received from your tenants ($1,100 x 12).

Then you will report your expenses. These include:

  • Mortgage Interest, 
  • Utilities
  • Property Tax
  • Insurance. 

Please see this link for more information: CRA - Rental Expenses you can deduct.