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posted Mar 29, 2021 6:23:10 PM

Non-profit rental property

Hi, my husband and me own a condo which has mortgage. We moved from our condo after 4 years since we bought it. We have rented the condo. The rent is 1300$ per month and our monthly cost, plus principal amount of mortgage, interest, condo fee, ..., is almost 1600$. Would you please let me know if do we have still report this as rental income in our tax return? While there is no income or profit for us? Thanks.

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1 Replies
Level 6
Jan 26, 2022 5:08:02 PM

As per the Canada Revenue Agency (CRA), if you are renting below fair market value, with no intention of making a profit, then you can’t claim a rental loss. So, you don’t have to claim your rental income, but you also can’t claim any expenses, either.

 

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