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
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
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:
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