Mortgage Blog

Discover essential tax write-offs for rental properties in Ontario. Expert advice to optimize your tax strategy. #RentalProperty #TaxDeductions

April 2, 2024 | Posted by: Kiruban Kana

Here are some key expenses you can write off for tax purposes:

In Ontario, Canada, there are various expenses associated with owning and managing a rental property that can be written off for tax purposes. Some common items that can be written off for a rental property include:

Mortgage interest: The interest paid on the mortgage for the rental property is tax-deductible.

Property taxes: The property taxes paid on the rental property are tax-deductible.

Repairs and maintenance: Expenses for repairing and maintaining the rental property, such as plumbing repairs, painting, and lawn care, can be written off.

Utilities: Expenses for utilities such as water, electricity, gas, and heating can be deducted.

Insurance: The cost of insuring the rental property, including property insurance and liability insurance, can be deducted.

Property management fees: Fees paid to a property management company for managing the rental property are tax-deductible.

Advertising and marketing: Expenses for advertising the rental property, such as listing fees and advertising costs, can be deducted.

Legal and professional fees: Fees paid to lawyers, accountants, and other professionals for services related to the rental property can be deducted.

Depreciation: A portion of the cost of the rental property can be deducted each year as depreciation expense (Not a good idea in some cases).

Travel expenses: Expenses for reasonable travelling to and from the rental property for the purpose of managing or maintaining it can be deducted.

We're not accountants; these tips are for informational purposes only.  Make sure to keep detailed records of these expenses and consult with a tax professional to maximize your deductions! #RentalProperty #TaxDeductions #RealEstateInvesting 

We're Self-employed and rental property mortgage specialists. Happy to help!

CoffeeandMortgage.ca

Kiruban Kana - Top 5% in Canada

Ex-Banker | Vice President & Mortgage Agent Level II

C: 416-219-4820 | kiruban@coffeeandMortgage.ca

We've helped over 3,050 families to date and over $1 Billion+ (2014) mortgages underwritten.  I am never too busy for your introductions and will take amazing care of anyone you think may find my services valuable.

#FinancialFreedom

#DebtFreeLiving

#SmartMoneyMoves

#WealthBuilding

#CreditScoreBoost

#OntarioHomeowners

#FinanceTips

#MortgageInterest

#PropertyTaxes

#RepairsAndMaintenance

#Utilities

#Insurance

#PropertyManagementFees

#AdvertisingAndMarketing

#LegalAndProfessionalFees

#Depreciation

#TravelExpenses

Back to Main Blog Page