Rental Income


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mayankkkk   
Member since: May 11
Posts: 1
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Post ID: #PID Posted on: 13-05-11 14:02:21

First of all, I would like to say \"Hi\" to everyone on the forum.

I am buying a house soon and plan to rent basement to a renter. I do have some knowledge about rental income and expenses which can be deducted.

I was wondering if I can employ my wife for taking care of basement apartment?
So I can deduct her income from the rental income. If I have her on title then technically she will be co-owner of the house. And, as CRA states own labor cannot be deducted. One work around is to only include my name on the title.

I know co-owers share the rental income for tax purposes.

Any thought guys?
Thanks.





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