RENTAL PROPERTY RETURNS
File Your Rental Property Return!
If you receive income from renting out part of your home; an additional property or cottage or a piece of land, you must file a Rental Property Return. There are complex rules surrounding personal property vs commercial use properties, as well as AirBNB complexities and requirements. You can rest assured that our tax professionals can make sure you are properly reporting and classifying your income and expenses on your Rental Property. Our Rental Worksheet can help guide you through what constitutes as an expense vs a capital item; when you can expense part of your vehicle or home and calculations for percentage of personal usage.
Protecting One Of Your
Largest Investments
With Correct Reporting
Owning real estate comes with tax responsibilities. In fact, if you own a rental property, you'll find that you have additional tax tasks and long-term planning requirements.
Whether you're renting one property or many, you must keep historical information from inception that is critical in tax planning for the future and minimizing the tax payable on the disposition of your property.
File Your Rental Property Now
Additional $65 + Tax per Property
Let us help you navigate through the complexities and correct tax reporting for each of your properties. Tracking historical data on all properties is the key to minimizing your tax liability at the time of disposing of your assets. We help you maintain a detailed record of all your property transactions.
Add on: File HST Service
$25.00 Each + Tax
You are required to register and collect HST on any commercial transactions as well as any AirBNB transactions. If you have not yet registered for an HST number, contact our office for assistance.
Tools for filing your Rental Property Return
Our worksheet is a great guide to compiling the necessary information for your rental property. You will need to complete one worksheet or submission for each rental property that you own. You must also complete the vehicle portion for each vehicle used.
Refer to our easy-to-understand Rental Worksheet for information on when you can expense your vehicle and how to classify expense vs capital expenditures.
If you wish you can file the required information directly to us online by going to our online worksheet.
HOW DO I PREPARE FOR FILING A RENTAL PROPERTY RETURN?
The most important responsibility when owning a rental property, or any capital property, is to accurately and precisely record all transactions of the property. Determining the difference between a capital expenditure and a current expense is critical to the correct reporting of income and the retention of capital records. Our Rental Property Worksheet will ask you to list each item separately and we will record them in the property category. When purchasing or disposing of a property it is important that you supply us with all the legal and bank loan documents so that we can examine all possible deductions in order to reduce your tax liability.
ADDITIONAL HOURLY RATES MAY APPLY
Our hourly rates of $20 per ¼ hour will apply when any additional work is required in order to determine complete and accurate information on your rental property return. This would include totaling receipts or statements; reviewing legal and purchase documents; setting up a new rental property asset list; calculations of disposition of property; correspondence with lawyers and investors; correspondence and guidance to property owners; mock-up of possible tax consequences on disposition.