In 2021 I bought a 2nd house that I am renting as an investment property. Is there a good article that would tell me what expenses I can claim against the rental income?

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As per CRA, you can deduct any reasonable expenses you incur to earn rental income. The two basic types of expenses are current expenses and capital expenses.

For more information on what we consider a current or capital expense, go to Current expenses or capital expenses.

Some expenses you incur are not deductible. For more information, go to Rental expenses you cannot deduct.

If you are modifying a building to accommodate persons with disabilities, buying an older building, or encounter other situations, go to Capital expenses – Special situations.

The following is a list of expenses that are deductible:

• Advertising
• Insurance
• Interest and bank charges
• Office expenses
• Professional fees (includes legal and accounting fees)
• Management and administration fees
• Repairs and maintenance
• Salaries, wages, and benefits (including employer's contributions)
• Property taxes
• Travel
• Utilities
• Motor vehicle expenses
• Other rental expenses
• Prepaid expenses

 

Please visit the links provided for further clarifications:

CRA: Rental expenses you can deduct

TurboTax: Claiming Expenses on Rental Properties

 

 

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