Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Apr 2, 2023 8:05:41 PM

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" ? 

0 1 345
1 Replies
Level 5
Apr 3, 2023 9:30:01 AM

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.

 

Thank you for choosing TurboTax.