If you own a rental property or you choose to rent out a portion of your home, there are various expenses that you can deduct while calculating your net rental income. These include property taxes, home insurance, mortgage interest (not principal), utility costs, advertising, repairs and maintenance costs and property management costs. Unless the rental […]
Author: webrisor
How To Sell Your Home and Not Pay Taxes
Are you in the process of selling your home? It’s important to know that Canadians benefit from a generous tax break in the way of the principal residence exemption. When you sell your home, your capital gain is actually tax free if you designate it as your principal residence for the whole time it has […]
What to do when you start renting out your home or move into your rental property?
Many individuals find it appealing to relocate on a short to mid term basis for work, study or family reasons. In these circumstances the homeowner often does not want to go through the hassle or cost of selling their homes if they know they are planning on returning. As a result, many people rent out […]
Small Business Tax Deductions Often Missed
It’s tax season and whether you know it or not, if you own a small business in Canada, you could be missing out on hundreds, even thousands of dollars each year simply because you are just unaware of the deductions available to you. This is a major problem, especially when it can be the difference […]
RRSPs or TFSAs: Which Investment Makes the Most Sense?
Trying to decide whether you should invest in a TFSA or an RRSP? You’re not alone! Generally speaking, higher income earners will be better served by an RRSP, while those making an income of under $35,000 should opt for a TFSA. But what about the moderate income earner, you ask? Let’s break things down and […]