In May 2020 we purchased a rental unit. Due to COVID we didn't rent it out immediately. In September a family acquaintance moved back from BC to Ontario as she had lost her job. We allowed her to live in the unit from September. We didn't ask for any rent, only that she paid the Hydro & Gas. Can we claim the expenses such as; property tax, Insurance, Condo Fees, Mortgage Interest, Repairs, Mortgage Legal Fees, etc. on our 2020 Tax Returns? Thank you.
No. You can’t claim expenses for your rental unit unless you were renting the unit out at fair market value (FMV). Please see this Canada Revenue Agency (CRA) webpage for more information: Renting below fair market value
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.
Sign In
Canada (English)
EN
