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?
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?
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?
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.
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