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.
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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