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New Member
posted Jun 14, 2021 7:45:46 PM

Do I need to have my own business if I sublet my apartment

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1 Replies
Level 5
Dec 21, 2021 7:58:21 AM

As per Canada Revenue Agency (CRA):

To determine whether your rental income is from property or business, consider the number and types of services you provide for your tenants.

In most cases, you are earning an income from your property if you rent space and provide basic services only. Basic services include heat, light, parking, and laundry facilities.

If you provide additional services to tenants, such as cleaning, security, and meals, you may be carrying on a business. The more services you provide, the greater the chance that your rental operation is a business.

 

If your income is a rental income, in TurboTax Online, you would report it in Income> Rental Properties.

If your income is a business income, in TurboTax Online, you would report it in Income> Self-Employment.

 

For further information, please check these FAQs:

TurboTax: Self-employment and Rental Income Centre

CRA: Rental income or business income

 

If you require further assistance please contact our phone support team or contact us directly on Facebook or Twitter.