We purchased a condo in 2018 for our son for university. He uses his RESP for rent; his roommate pays $850/month (no utilities), thus, likely below market. Do we claim?
Do we claim all income/expenses in this case?
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1 Replies
TurboTaxSusan
Moderator
Oct 31, 2019 2:50:31 AM
You don’t need to claim rental income if you are
renting below the market value and have no chance of making a profit. But at
the same time, you also can’t claim any expenses.