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jason2228
New Member

where to put mortgage insurance in rental property

I am using TurboTax Canada 2022 Premier. I want to input "mortgage insurance" to my rental expenses. Which entry should I put ? "Insurance" ? or "Management" ? 

1 Reply

where to put mortgage insurance in rental property

As per the Canada Revenue Agency (CRA) the mortgage interest can be claimed but the mortgage insurance is not listed. Please see Line 8710 – Interest and bank charges

 

Common deductible rental expenses include: 

  • Supplies, such as bedding and toiletries
  • Insurance
  • Interest and bank charges
  • Professional fees, including legal and accounting fees
  • Repairs and maintenance if you hired someone to do the work
  • Property taxes
  • Travel needed to collect rent, supervise repairs, or manage your properties
  • Utilities
  • Prepaid expenses

For more information please Contact the Canada Revenue Agency.

 

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