Where to show basement rental income in tax return


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Aurn   
Member since: Jan 07
Posts: 76
Location:

Post ID: #PID Posted on: 01-03-09 17:37:53

Hi,

On tax return, how should I show my basement rental income. I have to fill out any separate form? or in which line number should I enter this amount.

What type of expenses I can deduct from my rental income.

Please help...



Pramod Chopra   
Member since: Sep 03
Posts: 1284
Location: Pickering, ON

Post ID: #PID Posted on: 01-03-09 17:48:49

Quote:
Originally posted by Aurn

Hi,

On tax return, how should I show my basement rental income. I have to fill out any separate form? or in which line number should I enter this amount.

What type of expenses I can deduct from my rental income.

Please help...





Follow this http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/126/menu-eng.html


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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada



Kalpna   
Member since: Feb 06
Posts: 66
Location:

Post ID: #PID Posted on: 01-03-09 23:28:59

I also have questions regarding filing tax:
Is it good idea to file your tax yourself? If yes, what are the steps and good software link?
How can we save some money?
Any tips?


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Saloni


AshwaniG   
Member since: Jul 04
Posts: 1484
Location: Convinient

Post ID: #PID Posted on: 02-03-09 11:43:21

Hi Kalpna !
If taxes filed RIGHT your savings will exceed the nominal fees paid to a professional. I don't know now but 5 yrs back there were plenty of ppl willing to file your taxes for 25 - 50 $ . You can definitely do it yourself if you are aware of all benefits that can be claimed ..
AG


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Growing Old Is Mandatory ..Growing UP is Optional


Aurn   
Member since: Jan 07
Posts: 76
Location:

Post ID: #PID Posted on: 02-03-09 23:27:35

Thanks Mr. Pramod for the link.

Kalpna, I am using Studio Tax software from last two years. Its very easy to use, its Wizard and Validate options are good and alarm you if you miss any important tax. But, you should know on which expense you can get tax credit. like TTC pass etc

You can download Studio Tax from http://www.studiotax.ca/

It's free and allow you to create 20 free tax returns.



Kalpna   
Member since: Feb 06
Posts: 66
Location:

Post ID: #PID Posted on: 03-03-09 00:17:59

Thanks Arun,
I will try and see how it goes.
I had Q regarding basement rental, please chk your PM.


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Saloni


ani70   
Member since: Oct 03
Posts: 765
Location: Canada

Post ID: #PID Posted on: 03-03-09 22:04:04

I have a question regarding rental income:

Can I get some benefit if I put my condo on rent in Montreal but staying as a tenant in Ontario any paying more on rent than my rental income.

As for example:
Say my rental income in 2008 : $10000
I payed rent to my current landlord in 2008 : $15000

Can I show expense on my rental income outside condo maintenance?Ex:mortgage I am paying to the bank,condo fees etc etc or show some kind of differential amount(my rental income and rent I paid up).

I am using Ufile for quite some time now.The moment I am adding my rental income it's changing my net refund by almost by $2000.I was hoping to get good refund when I moved from Quebec to Ontario in end March 2008.:D

:cheers:



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ani


Contributors: Aurn(2) Pramod Chopra(2) Kalpna(2) ani70(2) AshwaniG(1) GTAtax(1)



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